Budweiser brewer Anheuser-Busch InBev SA confirmed plans for a potential public listing of its Asia arm, as the world’s largest beer company reported better-than-expected first-quarter earnings.

The Belgium-based firm— which also owns Stella Artois globally and Corona outside the U.S. — said Tuesday that it is exploring a listing of a minority stake of its Asia-Pacific business on the Hong Kong stock exchange. It said the move would help reduce its debt pile, create a regional consumer-goods champion and give it a chance to make more acquisitions in Asia.

AB InBev didn’t give details about the potential valuation, but analysts estimate the company’s Asian operations —which include China, India, South Korea and Australia — at a value between $40 billion and $50 billion. The company has a market valuation of about $130 billion.

Chief Executive Carlos Brito said the Asian business could operate like its separately listed AmBev, its Latin America business, which he described as the catalyst for everything the company does in the region.

The news came as AB InBev posted broadly positive results for the first quarter. Earnings before interest, taxes, depreciation and amortization — a figure closely watched by analysts — rose 8.2% on an organic basis to $4.99 billion, beating forecasts of a 7.9% gain.

Revenue climbed 5.9% on an organic basis to $12.59 billion, beating estimates of 5.1% growth. Volumes rose 1.3%, which AB InBev said reflected growth in markets including Brazil and Europe, partly offset by declines in South Africa and Argentina.

“Growth continues to be driven by price whilst volume growth remains lackluster,” said RBC Capital Markets analyst James Edwardes Jones.

Although AB InBev makes one out of every four beers sold worldwide, the brewer has struggled with declining volumes in the U.S. and Brazil, its two biggest markets.

AB InBev on Tuesday said its first-quarter profit was $3.57 billion, compared with $1.02 billion in the same period a year earlier. PHOTO: JOHN THYS/ZUMA PRESS