Carlsberg has agreed to sell its 50% non-controlling stake in Lhasa Brewery to its local joint venture partner, Tibet Development, marking the brewer’s exit from one of its smallest and most peripheral Asian investments.

The Danish brewer says that it has signed final agreements for the transaction, which remains subject to regulatory and corporate approvals to be obtained by Tibet Development. Financial terms were not disclosed.

Lhasa Brewery, founded in 1988 in Tibet’s regional capital, has operated as a joint venture since Carlsberg entered the business in 2004. The stake represents a minority, non-controlling interest and has limited strategic relevance within Carlsberg’s current Asia portfolio, industry sources said.

The divestment reflects Carlsberg’s broader focus on simplifying its footprint and concentrating capital on markets and brands where it holds scale, control and clearer long-term growth prospects.

In China, the group has increasingly prioritised premium beer segments and urban markets, while reducing exposure to lower-margin or structurally complex assets.

Carlsberg has previously said it is reviewing non-core operations across its global portfolio as part of a wider effort to improve returns, streamline governance and sharpen its geographic focus.

The sale also underscores the challenges international brewers face in operating minority joint ventures in China, where regulatory complexity, local market dynamics and shifting consumption patterns have made smaller regional assets less attractive.

Carlsberg did not say when it expects the transaction to close, noting that completion will follow once all required approvals have been secured.

The company remains one of the world’s largest brewers, with a strong presence across Europe and Asia, and has been investing in premiumisation, alcohol-free beer and operational efficiencies to support margins amid rising costs and uneven global beer consumption.