Sheba Investments, based in Yemen, will become majority owner in the state monopoly National Tobacco Enterprise by purchasing an additional 38 per cent from the government’s privatisation agency, the news site Capital reported.

Sheba will pay ETB 1.25 billion (EUR 46.5 million) for the stake to boost its stake in Ethiopia’s only tobacco company to 60 per cent, the Capital said. National operates four tobacco farms and one factory. The company also imports Rothmans from British American Tobacco and Philip Morris International’s Marlboro brand, according to Capital.