Carlsberg is establishing a joint venture with Khun Charoen of Thailand called Carlsberg Asia.

The 50:50 partnership will focus on developing brands such as Carlsberg and Beer Chang throughout Asia.

Michale Iuul, Carlsberg's group managing director, will become chief executive of the venture and five other senior Carlsberg managers will relocate to the new Singapore headquarters.

Carlsberg will sell its 10% stake in the Carlsberg Brewery (Thailand) and Beer Thai for $147m (£102m) to fund the venture.