SABMiller subsidiary to sell milk business to focus on beer

Drinks giant SABMiller announced Monday that its subsidiary, Cerveceria Nacional, will sell its Panama-based milk and juice business to narrow the focus of the business.

It will be sold for a cash consideration of $86m dollars (around £54m).

Fernando Zavala, President of Cervecera Nacional, said: "The milk and juice business is a legacy asset from the Bavaria transaction. The divestment will allow us to simplify our business processes and focus on beer and carbonated soft drinks in Panama, where we are the market leader in beer."

The share price fell 0.77% to 2,961.50p by 10:56.

MF