Japan Tobacco International (JTI) sold its 2.1 percent stake in KT&G of South Korea on Wednesday, ending a decade of strategic partnership, reports The Pulse.
Citigroup Global Markets reportedly tapped investors to sell the Japanese tobacco giant’s 2,864,094 shares in KT&G in a block deal.
After gauging investor demand, the final price was set at KRW94,000 ($78.8), a 2.8 percent discount to the Tuesday closing price.
KT&G shares finished Wednesday at KRW96,500, down 0.72 percent.
While JTI did not disclose a reason for its sale, market experts speculate the company lost interest in the alliance after shifting its Korean production to the Philippines two years ago.