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Japan Tobacco to buy Indonesian cigarette maker, distributor for $677 mln
August 4, 2017 / 8:02 AM / 2 months ago

Japan Tobacco to buy Indonesian cigarette maker, distributor for $677 mln

JAKARTA, Aug 4 (Reuters) - Japan Tobacco Inc said on Friday it has agreed to buy Indonesian cigarette maker PT Karyadibya Mahardhika and its distributor for $677 million.

“This deal will give the JT Group immediate scale and presence on a nationwide level in the Indonesian kretek market,” Japan Tobacco said in a statement, referring to clove cigarettes.

Indonesia’s cigarette market was the world’s second-biggest after China with 316.1 billion sticks sold last year, data from Euromonitor International showed. (Reporting by Eveline Danubrata)

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