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.

The acquisition of the business, United Dhaka Tobacco Co, is expected to be completed in the third quarter of this year pending regulatory clearance, Japan Tobacco said in a statement.

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Reuters

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.