Belgium-based Anheuser-Busch InBev, the world’s largest brewer, said it is selling its Australian business Carlton & United Breweries (CUB) to Japan’s Asahi for about $11 billion and could revive a plan to float its Asian business as it looks to reduce its debt.

AB InBev said it “continues to believe in the strategic rationale of a potential offering of a minority stake of Budweiser Brewing Company APAC Limited (Budweiser APAC), excluding Australia, provided that it can be completed at the right valuation.”

Most of the proceeds from the deal will be used by the AB InBev to pay down its debt.

AB InBev CEO Carlos Brito said: “We continue to see great potential for our business in APAC and the region remains a growth engine within our company.

“With our unparalleled portfolio of brands, strong commercial plans and talented people, we are uniquely positioned to capture opportunities for growth across the APAC region.”

Anheuser-Busch InBev is a publicly traded company (Euronext: ABI) based in Leuven, Belgium, with secondary listings on the Mexico (MEXBOL: ANB) and South Africa (JSE: ANH) stock exchanges and with American Depositary Receipts on the New York Stock Exchange (NYSE: BUD).