Carlsberg has confirmed plans to sell its 50% stake in Tibetan joint venture Lhasa Brewery.
The group’s non-controlling share will be purchased by joint-venture partner Tibet Development, the brewer confirmed to Global Drinks Intel yesterday (2 February). The transaction, for an undisclosed sum, remains subject to corporate and regulatory approvals that must be obtained by Tibet Development
Once the approvals have been obtained, Carlsberg said it will pursue the deal’s completion.
Tibet Development, which oversees the day-to-day operations of Lhasa Brewery and laid out its intentions five months ago, said it will acquire full ownership in order to “better focus on its core business and specialise in its core operations”.
“Furthermore,” the company said in a filing posted on the Shenzhen Stock Exchange in September, “it will… enhance its risk resistance capabilities, and improve its overall competitiveness”.
Lhasa Brewery, which is based in the southern Tibetan city of the same name, was established in 1988 with Carlsberg forming the JV with Tibet Development to buy the business in 2004. The Denmark-headquartered company initially held a 33% stake in the Lhasa Brewery.
By 2024, Carlberg described its holding in the unit as a “residual investment” and, in its full-year report, noted the brewery had booked an impairment charge of around US$10m.
In its third-quarter 2025 results, Carlberg’s Asia division saw sales dip by 0.6%, with mixed performances across the region’s markets. China saw mid-single-digit volume growth, driven by the Carlsberg and Tuborg brands.
The group is due to release its full-year results tomorrow (4 February).
