Japan Tobacco acquired 40 per cent of National Tobacco Enterprise Ethiopia from the Addis Ababa government for USD 510 million (EUR 462 million) to boost its presence in the Region, JT said.

“Ethiopia will be an important expansion of our geographic footprint in emerging markets,” said Mutsuo Iwai, president of JT’s tobacco business. “As the largest shareholder, we expect to be able to exert significant influence over the direction of the company.”
JT submitted a successful bid last May for National Tobacco. “We will work with all shareholders to see how we can continue to grow the NTE business and explore opportunities to further strengthen NTE’s brands such as Nyala, as well as the overall distribution and manufacturing capabilities,” said Jorge da Motta, the Japan Tobacco International regional president for Africa.