Japan Tobacco Inc. said today that the JT Group had completed the acquisition of Al Nakhla Tobacco Company S.A.E. and Al Nakhla Tobacco Company – Free Zone S.A.E. (collectively, Nakhla).
The acquisition was announced in a statement issued on November 16.
Nakhla, with two factories, one in Cairo and one in Shebin El Kom, Egypt, is one of the world’s leading manufacturers of water-pipe tobacco (also known as Shisha or molasses) with an important presence in its home market.
The company exports to 85 countries, primarily in the Middle East and North Africa.
And its total sales volume in 2011 was about 24,000 tons.
‘The consideration to acquire Nakhla was at a high single digit multiple of Nakhla’s underlying earnings before interest, tax, depreciation and amortization in 2011, as initially announced,’ JT said in a note posted on its website.
‘The acquisition is expected to have a minor effect on the group’s consolidated performance, cash flow and balance sheet.
In the international tobacco business, the group remains committed to strengthening Japan Tobacco International’s (JTI) business foundations with an overall strategy to foster growth.’
Category: Breaking News