Japan Tobacco to buy tobacco business of Akij Group for $1.5b

Japan Tobacco to buy tobacco business of Akij Group for $1.5b

FILE PHOTO: Japan Tobacco Inc (JT) headquarters building is seen in Tokyo, Japan, May 18, 2016. REUTERS/Toru Hanai/File Photo

Japan Tobacco Inc said on Monday it had agreed to buy the tobacco business of Akij Group, Bangladesh’s second-biggest tobacco company, for about 124.3 billion BDT ($1.48 billion) to further boost its presence in Asia.

Japan Tobacco said Akij holds a one-fifth share of Bangladesh’s cigarette market, the world’s eighth-largest in the world, and would add about 17 billion units to the Japanese company’s sales volume.

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