Ethiopia, Addis Ababa, Japan Tobacco Inc. (JT) announced today that the JT Group has signed a share purchase agreement of 434 million US dollars with the Ethiopian government for approximately 30% of the total shares in National Tobacco Enterprise Share Company (NTE).
Today’s agreement brings the JT Group’s share ownership to over 70% of the total number of NTE shares, according to a press release issued by the company.
“This significant increase in our ownership of NTE shares reaffirms our strong belief in the company and Ethiopia as an increasingly important place to do business in Africa,” said Eddy Pirard, President and CEO of JTI.
“By combining our international and newly acquired local expertise, we are confident that we can take NTE to a new level of growth.” Since acquiring 40% of NTE’s shares last year, the JT Group, as the largest shareholder, has been contributing to NTE’s growth by leveraging its international experience in the tobacco business.
“We would like to express our sincere gratitude towards the government for their trust and for their efficient collaboration in finalizing this transaction,” added Mr. Pirard.
Posted by Amare Asrat