Diageo is selling its subsidiary Guinness Ghana Breweries, days after denying reports that it was considering a sale of the entire Guinness brand.

Spirits giant Diageo has agreed to sell its 80.4% shareholding in Guinness Ghana to Castel Group for $81 million, it said on Tuesday, continuing to refine its operating model in Africa.

Guinness brand owner Diageo says it has no intention of selling the high-performing stout, quashing rumors in the press over the last few days.

DRINKS company Diageo refuted rumours that it could sell Guinness or its 34 per cent holding in Moet Hennessy.

Guinness Ghana Breweries, in which Diageo has held an 80.4% shareholding, will remain listed on the Ghana Stock Exchange.