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Tag: British American Tobacco

  • BAT Launches €1.2 Billion Hybrid Capital Securities Issue

    BAT Launches €1.2 Billion Hybrid Capital Securities Issue

    Today (October 28), BAT announced the publication of a prospectus for a €1.2 billion dual-tranche hybrid capital securities offering. The issue comprises a €600 million perpetual non-call 5.25-year security (NC5.25) with a 4.20% initial coupon, and a €600 million perpetual non-call 8-year security (NC8) with a 4.75% initial coupon. The securities are subordinate to all senior creditors and will be accounted as equity under IFRS standards, receiving 50% equity credit from Moody’s, S&P, and Fitch.

    Proceeds from the issuance will be used for general corporate purposes, including the repurchase of the company’s outstanding Perpetual Subordinated NC 2026 Securities, which began with a tender offer on October 21, and the repayment of existing debt. The first call dates for the securities are October 20, 2030 to January 30, 2031, for the NC5.25 tranche and July 30, 2033 to October 30, 2033, for the NC8 tranche.

    Settlement is expected on October 30, 2025, with both tranches to be listed on the main market of the London Stock Exchange. The prospectus has been approved by the UK Financial Conduct Authority and is available online via the London Stock Exchange here and the National Storage Mechanism here.

  • BAT Fiji Cuts Emissions with Sustainable Curing Barn

    BAT Fiji Cuts Emissions with Sustainable Curing Barn

    British American Tobacco (BAT) Fiji has upgraded the curing barn at its Votualevu, Nadi leaf facility, enabling a shift from diesel to sustainable fuel and cutting annual carbon emissions by an estimated 428 tons, according to the Fiji Sun.

    The $1 million “Project GreenEN,” part of BAT’s wider ESG program, is expected to save $200,000 annually while supporting local agriculture. BAT Fiji employs about 1,100 seasonal workers and works with hundreds of farmers, as the group maintains leaf-growing operations in the country.

  • BAT CFO Steps Down

    BAT CFO Steps Down

    British American Tobacco said Chief Financial Officer Soraya Benchikh will step down from the board and her role as CFO effective today (August 26). She will remain with the company through the calendar year to support the transition.

    Javed Iqbal, currently Director of Digital and Information, will serve as interim CFO as the company begins its search for a permanent successor. Iqbal previously acted as BAT’s Interim Finance Director from May 2023 to April 2024.

    CEO Tadeu Marroco thanked Benchikh for her “significant contribution,” noting that BAT’s first-half results were ahead of expectations and that the group remains on track to meet full-year guidance. Benchikh, who rejoined BAT in May 2024, said she was proud of embedding financial discipline and helping position BAT’s New Categories business for sustainable profitability.

  • BAT Announces Management Board Changes

    BAT Announces Management Board Changes

    Yesterday (July 14), BAT announced management board changes with Pascale Meulemeester effectively replacing Michael Dijanosic. Dijanosic will step down from the board and his role as regional director of Asia Pacific, Middle East, and Africa (APMEA) December 31 to dedicate more time to family and friends. Meulemeester will join BAT effective September 1, initially as regional director designate of APMEA, and become regional director of APMEA and a member of the management board January 1, 2026.   

    Meulemeester is currently president of Western Europe at Barry Callebaut Group, a global chocolate and cocoa organization, where she is a member of the executive leadership team, responsible for leading Barry Callebaut Group’s largest business segment and driving strategic initiatives across the region. Meulemeester held several other senior roles at Barry Callebaut Group, leading growth accelerations, transformation, and business turnarounds in different geographies, including in the Asia-Pacific region. Prior to joining Barry Callebaut Group, Meulemeester spent seven years with Mars Inc. and worked at Sara Lee earlier in her career.

  • BAT Accuses Local Manufacturers of Fueling South African Illicit Cigarette Market

    BAT Accuses Local Manufacturers of Fueling South African Illicit Cigarette Market

    British American Tobacco South Africa (BATSA) accused local cigarette manufacturers of driving the country’s booming illicit tobacco trade, which it says is costing the state an estimated R28 billion ($1.6 billion) in lost annual tax revenue. The company’s regulatory head, Johny Moloto, said the crisis has shifted from a cross-border issue to a “homegrown problem,” with 76.7% of retail outlets selling cigarettes below the Minimum Collectable Tax price for a box of cigarettes, which “should sell for above R26.22 ($1.47) a pack after accounting for levies.”

    “We have repeatedly shown who the culprits are,” Moloto said. “If SARS [South African Revenue Service] and the police wanted to act, they could. Today.”

    A study, commissioned by BAT and independently conducted by Ipsos, revealed that 14 of the 23 manufacturers involved in the illicit trade are based in South Africa, accounting for 91% of the illegal market. Gold Leaf Tobacco Company was named as the most prevalent brand in these sales, with nearly 90% of its products selling below the legal threshold. BATSA had 1.5% of its products selling below the minimum.  

    Moloto urged SARS and police to act on existing intelligence and called for stricter enforcement, including SARS’ presence at manufacturing sites and a national minimum retail price to ease policing.

  • BAT Launches New Campaign as it Updates Neo Series

    BAT Launches New Campaign as it Updates Neo Series

    British American Tobacco (BAT) Japan announced the fourth cycle of the “Live Life in Color” campaign with the launch of its Limited Edition glo Hyper Pro Aurora heated tobacco device. BAT is looking to revive the glo franchise in Japan, the world’s largest and most competitive heated tobacco market, as its category share dipped from 20.1% in 2022 to 17.8% in 2024.

    The device will only be available at the official VELO online store beginning May 26, with a price of ¥4,980 (US$33.6). “Live Life in Color” is glo’s brand campaign with the theme “Turn vibrant days into joy.” BAT further enhanced the richness and fullness of the fruity flavors, improving the aroma and taste, while also enhancing the cooling sensation for an even more refreshing experience.

    In addition, BAT also revamped the entire neo series by upgrading the packaging colors and changing the flavor names. The packaging colors now match the flavors, making it easier for consumers to recognize the flavor. In particular, the color of the menthol packs changed from dark to light as the flavor changed from strong to weak menthol.

  • BAT Partners with Mali’s State Firm Sonatam

    BAT Partners with Mali’s State Firm Sonatam

    British American Tobacco has entered into an agreement with Mali’s state-owned tobacco company, Sonatam, to produce and distribute BAT’s Dunhill International cigarettes within the country. This collaboration aims to enhance the availability of BAT’s premium products in the Malian market, leveraging Sonatam’s established distribution network. The partnership is expected to strengthen both companies’ positions in the regional tobacco industry.

  • BAT Expands VUSE Presence in Korea

    BAT Expands VUSE Presence in Korea

    BAT Rothmans, the Korean subsidiary of British American Tobacco, announced plans today to accelerate its growth in the country’s vaping market by broadening its product offerings and distribution network.

    The flagship VUSE Go Slim 2ml, initially available in limited districts within Seoul, will now be distributed across all of Seoul, Incheon, and Busan. The device features a transparent mouthpiece for checking liquid levels and a removable battery. To cater to varying preferences, six new flavors have been introduced: Cool Fresh, Pearl Spark, Forest Mix, Dark Smooth, Purple Smooth, and Blossom Smooth.

    The VUSE Go Box 6ml, launched last year, has become popular among adult users transitioning to vapor products. With three times the liquid volume of the VUSE Go Slim and additional features like a boost control button for enhanced flavor, the device is priced competitively at 25,000 won ($17.15).

    The company entered the Korean market 18 months ago, introducing the VUSE Go lineup as the first of its kind in Asia. The brand has gained recognition for its use of high-quality natural nicotine and odor-free technology. “VUSE is dedicated to meeting the diverse needs of consumers by supporting the transition to non-combustible alternatives,” a BAT Rothmans official said. The company aims to strengthen VUSE’s position as a leading vapor brand in Korea by continuing to expand product options and accessibility.

  • BAT on Track To Deliver Fiscal Year Guidance

    BAT on Track To Deliver Fiscal Year Guidance

    Image: BAT

    British American Tobacco said it is on track to deliver its fiscal year guidance, with 2024 investment driving positive momentum toward long-term sustainable growth

    “Our second-half performance acceleration is driven by the phasing of new categories innovation, the benefits of investment in U.S. commercial actions and the unwind of wholesaler inventory movements,” said BAT CEO Tadeu Marroco in a statement.

    “In October, I was delighted to host our capital markets day together with our management team in our Innovation Centre in Southampton. This event demonstrated how BAT’s science, innovation, breadth of capabilities and people can combine to achieve a smokeless world and deliver long-term sustainable value for all our stakeholders. We continue to make progress towards our ambition of becoming a predominantly smokeless business by 2035.

    “Our ‘quality growth’ imperative is delivering higher returns on more targeted investments across all three new categories, and that prioritization and focus is already transforming our business in Europe. We are making further progress increasing profitability across new categories, and I am particularly pleased with the improvements in heated products and modern oral.

    “In the U.S., I am encouraged that our investment approach, taken over the last 18 months to strengthen our business, is working, despite a challenging macro-economic backdrop. Through our commercial actions, we have invested in our portfolio and improved our executional capabilities. With these previously announced plans now completed, we can prioritize driving sharper execution and opening incremental white space, related to modern oral.

    “We continue to prioritize shaping a sustainable future and call for more appropriate regulation and enforcement of new categories, including vapor in the U.S. and Canada.

    “We are making good progress and while there is still more to do, I believe that the choices we have made and the actions we are taking through this investment year are the right way forward for BAT.”

  • Chandrasiri Joins Ceylon Tobacco Board

    Chandrasiri Joins Ceylon Tobacco Board

    Image: Ink Drop

    BAT subsidiary Ceylon Tobacco Co. has appointed Samanmalee Chandrasiri as a non-executive director to its board, reports EconomyNext.

    A globally experienced professional with nearly two decades of expertise in human resources, Chandrasiri started her career in 2006 with HR business partnering roles at BAT Sri Lanka.

    As BAT South Asia area head of talent, she managed talent strategies across Pakistan, Bangladesh, and Sri Lanka. This led to her position as organization effectiveness advisor in BAT Indonesia.

    She served as HR director for BAT Sri Lanka and for Malaysia and Singapore.

    She assumed duties as group head of organization effectiveness and talent management in July 2019, operating from London.

    Chandrasiri served as group head of HR for global marketing, scientific research and development before taking the role of group head of talent, organization effectiveness and inclusion (London), where she led the global center of expertise on talent, organization effectiveness, diversity and inclusion

    In October 2024, she stepped into her current role as group head of HR and inclusion—global operations and R&D.