Japan Firm Buys 50% of State-owned Cigarette Maker for US$14.0M

Source from:  Dominican Today 02/17/2016

The head of the endowment fund of the former State-owned companies (FONPER) on Monday announced the firm Japan Tobacco International acquired a 50% stake in the cigarette maker La Tabacalera, after buying City Caribe, while the Dominican State remains with a 50% stake.

Fernando Rosa said the media will be provided the full details of the deal in a National Palace meeting starting 4pm Tuesday, together with officials of the economic cabinet.

He said one the Dominican economy's former pillar companies was sold for RD$630.0 million (US$14 million).

Interviewed by Nexxo radio in Santiago the official said the deal will means new funds for the joint venture company to "energize and make the cigarette market more competitive." Enditem