Premium Tobacco buys Tribac

Premium Tobacco International, the world’s third-largest tobacco merchant, has acquired the assets of Tribac for an undisclosed amount, reports The Herald of Zimbabwe.

Tribac is owned by a consortium of local businessmen compromising Kenneth Butchart, Victor Brown and Pete Chilvers.

Prior to the takeover, JTI had a leaf purchasing agreement with Tribac and was the main sponsor of its contract farming.

Last year, Tribac bought about 10 million kg of tobacco, according to The Herald.