The Dominican State will make a bidding to award the shares received from a private partner in The Tobacco Companyreported today the Presidency of the Republic in a statement.
According to the statement, the Dominican government and JT International Holding BV (JTI), a private shareholder of The Tobacco Company since 2016, they reached an agreement whereby JTI will transfer to the Patrimonial Fund of the Reformed Companies (fonper), at no cost, all of its shares in The Tobacco Companywhich represent 50% of the capital of this company.
He explains that with this acquisition the fonper becomes the owner of 99.5% of the shares of the aforementioned company and that, as a representative of the Dominican State, will assume control of the operations of The Tobacco Company.
The statement points out that the government and the fonper will take the necessary steps to convene a bidding international public company for the sale of the shares assigned by JTI to a strategic investor in compliance with the provisions of Law 141-97 of the Public Company Reform.
“This agreement allows, in the spirit of collaboration, transparency and trust, to safeguard the interests of the workers of the Dominican State and of the shareholders, as well as the assets of the State, ensuring the continuation of the production and commercialization of the local brands of The Tobacco Company in the different commercialization channels of the Dominican market”, he explains.
The fonper is an institution of the Dominican State created by virtue of Law number 124-01, enacted on July 24, 2001.
Its fundamental mission is to watch over, guard and administer the actions of the State in the companies that emerged from the reform and transformation process carried out since 1997.
While JT International Holding BV (JTI) is a company registered in the Netherlands, which acquired 50% of the shares of The Tobacco Company of the CITA Caribe Consortium in date February 12, 2016and was in charge of the administration of The Tobacco Company in accordance with Law 141-97 on the Reform of Public Companies.
