August 6, 2018 / 7:23 AM / a year ago

Japan Tobacco to buy tobacco business of Bangladesh's Akij for $1.5 bln

TOKYO, Aug 6 (Reuters) - 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. ($1 = 84.0000 taka) (Reporting by Chang-Ran Kim; Editing by Chris Gallagher)

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