JTI Sells 2.1% Stake in KT&G, Ending a 10-Year Strategic Partnership
According to Pulse magazine, Japan Tobacco International (JTI) sold its 2.1% stake in South Korea's KT&G on Wednesday, ending a ten-year strategic partnership.<\/p>
It was reported that Citigroup Global Markets requested investors to sell the 2,864,094 shares of KT&G held by the Japanese tobacco giant through a block trade.<\/p>
After assessing investor demand, the final price was set at 94,000 won (approximately $78.8), a 2.8% discount from Tuesday's closing price.<\/p>
KT&G's stock price closed at 96,500 won on Wednesday, down 0.72%.<\/p>
Although JTI did not disclose the reason for the sale, market experts speculate that the company lost interest in the partnership after moving its production line in Korea to the Philippines two years ago.<\/p>
