ABInbev (ABI.BT) Thursday said it has concluded the sale of its 19.9% minority stake in Tsingtao Brewery Co. Ltd. to Japanese brewer Asahi Breweries (2502.TO) for $667 million.

The divestiture of this stake in Tsingtao is part of ABInBev's ongoing de-leveraging program and allows the company to unlock shareholder value, generating proceeds that will be used to repay debt incurred as a result of the acquisition of Anheuser-Busch.

As a result of the transaction, Asahi is now Tsingtao's second largest shareholder. Tsingtao Brewery Group remains the largest shareholder in Tsingtao. Anheuser-Busch InBev will retain a minority share in Tsingtao of approximately 7%.

Company Web site: www.ab-inbev.com