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JT negotiating stake in National Tobacco Enterprise

26 May 2016. Japan Tobacco (JT) is in talks with the Ethiopian government after emerging as top bidder for a 40 per cent stake in the state tobacco monopoly, the Nikkei Asian Review reported.

JT submitted a bid of USD 500 million (EUR 448 million) for the stake in National Tobacco Enterprise, which was more than other companies, including a USD 230 million tender by British American Tobacco, the business journal said.

JT has been expanding in Africa and the Middle East, acquiring a Sudanese cigarette maker in 2011, an Egyptian shisha company in 2013 and, last September, making a subsidiary out of Arian Tobacco Industry of Iran, the journal said.