South Korean tobacco company KT&G on 14 July signed a deal to buy a 60 per cent stake in Indonesia's sixth-largest tobacco firm for KRW 140 billion (EUR 91.8 million), the company said in a statement.
KT&G, a former state-run monopoly once known as Korea Tobacco and Ginseng, said it had bought a controlling stake in Indonesian firm Trisakti to tap into one of the world's biggest markets. KT&G sought to benefit from Trisakti's sales networks and production of kretek, a clove cigarette popular among Indonesian smokers.
Trisakti sold three billion sticks of cigarettes last year.
KT&G, which was privatised in 2002, has about 60 percent of South Korea's tobacco market. (pi)