Sale confirmed

| August 9, 2017

Indonesian cigarette maker Gudang Garam said in a regulatory filing that it had signed an agreement with Japan Tobacco Inc for the sale of its wholly-owned subsidiary Karyadibya Mahardika and its distributor Surya Mustika Nusantara for US$677 million, which, when combined with the companies’ debt of US$323 million, increased the value of the transaction to US$1 billion, according to a Deal Street Asia story relayed by the TMA.

The acquisition was announced by JT on August 4.

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Category: Breaking News, Corporate, Financial

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