Japan Tobacco Inc. (JT) (TSE: 2914) announced today that the JT Group has signed a share purchase agreement of USD510 million with the Ethiopian Government for 40% of the total shares in National Tobacco Enterprise Ethiopia S.C (NTE), after having submitted a successful bid last May.
“The JT Group is delighted to be entering the Ethiopian market where we currently have no presence,” said Mutsuo Iwai, Executive Vice President and President of the Tobacco Business. “Ethiopia will be an important expansion of our geographic footprint in emerging markets. As the largest shareholder, we expect to be able to exert significant influence over the direction of the company. The country is currently experiencing double-digit economic growth, with industry volume also expected to continue to increase.” Mr. Iwai added. [...]