Sabancı Holding moves to exit tobacco business

Sabancı Holding, one of Turkey's prominent conglomerates, has applied to the Competition Authority to sell its stakes at two tobacco companies to its long-time partner Philip Morris International (PMI).
According to a company to the Public Disclosure Platform (KAP) on Oct. 6, PMI will pay 2.88 billion Turkish Liras ($325.9 million) for 25 percent of stakes at Turkish tobacco products company PHILSA and distribution company PMSA.
PMI already holds 75 percent of the shares since the companies were founded in the 1990s.
The price tag will be adjusted in accordance with agreed parameters, said the statement.
The sale contract is expected to be signed after necessary approvals by the authorities and the purchase is planned to be concluded by the end of 2021, it said.

Economy,