Spirits giant Diageo has agreed to sell its 80.4% shareholding in Guinness Ghana to Castel Group for $81 million, it said on Tuesday, continuing to refine its operating model in Africa.

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. The London-listed company said on Monday it was selling its 80 per cent stake in the Ghana subsidiary to French wine group Castel,

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

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.

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 is selling its 80.4% stake in Guinness Ghana Breweries to Castel Group, enhancing their African partnership. While the sale moves forward, Diageo retains ownership of the Guinness brand and other products.

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.

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.

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.

Diageo announced on Thursday that the spirits behemoth was selling off yet another brand, Cacique Rum, to the French spirits company, Bardinet. The latest move marks a slightly worrying trend for Diageo.