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.

Diageo is selling its subsidiary Guinness Ghana Breweries, days after denying reports that it was considering a sale of the entire Guinness brand.

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.

DRINKS company Diageo refuted rumours that it could sell Guinness or its 34 per cent holding in Moet Hennessy.

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.

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.

A report by Bloomberg last week said the FTSE 100 giant was exploring options for both Guinness and its investment in LVMH's Moet Hennessy drinks unit.