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Japan firm buys 50% of State-owned cigarette maker for US$14.0M

Santiago.- The head of the endowment fund of the former State-owned companies (FONPER) on Monday announced the firm Japan Tobacco International acquired a 50% stake in the cigarette maker La Tabacalera, after buying City Caribe, while the Dominican State remains with a 50% stake.

Fernando Rosa said the media will be provided the full details of the deal in a National Palace meeting starting 4pm Tuesday, together with officials of the economic cabinet.

He said one the Dominican economy’s former pillar companies was sold for RD$630.0 million (US$14 million).

Interviewed by Nexxo radio in Santiago the official said the deal will means new funds for the joint venture company to “energize and make the cigarette market more competitive.”

Source: DT

Feb 16, 2016

Category: DR News |

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