Japan firm buys 50% of State-owned cigarette maker for US$14.0M

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

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

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

Interviewed by Nexxo radio in Santiago the official said thedeal will means new funds for the joint venture company to “energize and makethe cigarette market more competitive.”