Conglomerate Swire Pacific has sold its 49 per cent stake in a brewery joint venture with Carlsberg for HK$260 million, in a move to refocus on soft drinks. The stake was sold to Pacific Spirits Group, whose subsidiary Chang Beverage Group together with Carlsberg hold the remaining 51 per cent of the joint venture, Carlsberg Brewery Hong Kong. With a brewery in Huizhou, it distributes beer under brands such as Carlsberg, Jolly Shandy and Tetley Bitter in the SAR, Macau and China. Swire, whose interests span properties, airlines and container terminals, said it found only limited synergies between the beer business and its beverage flagship Coca-Cola. The group distributes Coca-Cola drinks in Hong Kong, Taiwan, China and parts of the western United States. Swire finance director Martin Cubbon said: 'The decision to dispose of our remaining interest in the beer business was taken following a strategic review of our trading and industrial portfolio. 'Although there is future growth potential in the beer business, there are limited synergies, and we have decided that our attention and future investment in this sector would be better focused on our core soft drinks interests.' The disposal marks the final step of Swire's withdrawal from Carlsberg's business in the region, following the loss-making sale of its interest in Carlsberg Shanghai last year. A Swire spokesman said the latest sale would cause no material impact to the group and that any profits or losses arising from the sale would be booked according to accounting procedures. Morgan Stanley analyst Rob Hart said: 'Further disposals in the industrial division, if any, will be positive to the group as it wants to refocus on core property and aviation businesses.' Other assets the company has under the industrial and trade division include stakes in paint distributor ICI Swire Paints, the sportswear distributorship of Marathon and Reebok, and car distributorship of Volvo, Ferrari and Hyundai. Pacific Spirits, a privately owned firm which originated in Thailand and distributes the country's Chang Beer, has recently stepped up its presence in Asia's brewing and distillery sector with the acquisition of Scotch whisky company Inver House last month.