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JT to buy Indonesia tobacco company

Jiji Press TOKYO (Jiji Press) — Japan Tobacco Inc. said Friday it will buy Indonesian kretek cigarette company PT Karyadibya Mahardhika and its distributor for a total of $1 billion.

The Japanese company will aim to expand business in the Indonesian market, the world’s second-largest, amid falls in the number of smokers in Japan. JT will complete procedures to acquire all shares and debts of the Indonesian company and the distributor in October-December this year.

The 2016 sales of the Indonesian company, which mainly produces kretek cigarette products, stood at the equivalent of some ¥56.0 billion. Speech

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