Japan Tobacco Inc. said Friday that it has signed an accord to buy an entire stake in two Egyptian water pipe tobacco firms, Al Nakhla Tobacco Co. and Al Nakhla Tobacco Co. Free Zone S.A.E. Reuters reported.
The Japanese company expects the deal to be completed by March and declined to give a value for the transaction, says Reuters.
The Egyptian waterpipe firm is one of the worldwide pioneers in this segment as it holds a 70 per cent market share of the aromatic molasses production in Egypt, touted the Tokyo-based company on Friday.
Nakhla's total sales volume was approximately 24,000 tons in 2011 - roughly comparable to 24 billion cigarettes by volume - worth $110 million.
Japan Tobacco is the world's third-largest tobacco maker in sales volume, after Philip Morris International and British American Tobacco. It’s revenues in fiscal year 2012 were recorded at $24.7 million.