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

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

Media reports suggested Diageo was considering asset sales to boost growth, cashing in on high demand for Guinness. View on euronews

Guinness is an outlier in Diageo's business, which consists mostly of spirits rather than beer, but its performance recently has outshone that of key liquor labels, such as Johnnie Walker whisky.

Diageo Plc said it doesn’t plan to sell the Guinness beer brand or its stake in Moet Hennessy, even as pressure grows on the company to find ways to revive growth.

The drinks giant changed tack over the weekend after declining to comment on a report on Friday (24 January) that it was mulling a potential sale of Guinness.

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.

Diageo has announced plans to sell 80.4% shareholding in Guinness Ghana Breweries plc to Castel Group for $81 million (€77.7 million).

Diageo ( DEO) ADRs rose Friday after Bloomberg reported that the company was looking at a potential spinoff or sale of Guinness, which may be valued at more than $10 billion.

As part of the deal, the drinks giant will retain ownership of the Diageo brands that are produced by Guinness Ghana (such as Guinness, Malta, Orijin, Smirnoff Ice and Alvaro), with the rights instead licensed to Guinness Ghana under a new long-term agreement.