Khyber Tobacco inks MoU with Korea’s KT&G
Wire desk byline Sourced from Xinhua, Dawn, Arab News, Anadolu and Minute Mirror. Translated and abridged by the GSRRA Desk.
Khyber Tobacco Company Limited (KHTC) announced on Monday that it had initially entered into a Memorandum of Understanding (MoU) with KT&G Corporation, a South Korean leading tobacco and consumer goods company, for the grant of a royalty license in respect of KT&G’s cigarette brand Pine Passion Sky.
KHTC disclosed the development in a notice to the Pakistan Stock Exchange today.
It said that the MoU will be followed by a formal agreement about the proposed licensing arrangement, under which KHTC intends to manufacture and/or market the brand in Pakistan and “such other territories as may be mutually agreed, subject to the execution of definitive agreements, obtaining all applicable regulatory approvals, and satisfaction of customary commercial conditions”.
“The company is optimistic that this strategic collaboration will have the potential to strengthen our product portfolio, enhance our competitive position, and support future business growth,” the notice added.
READ MORE: Khyber Tobacco Company: performance and outlook
KHTC was incorporated in Pakistan as a public limited company in 1954. The company manufactures and sells cigarettes, besides the re-drying of tobacco.
The company also has filter rods and other non-tobacco materials in its portfolio.
KHTC has a strong market presence in Pakistan, and it has also expanded its distribution network in Eastern Europe, South & West Africa, Central & South Asia and the Middle East.
Reference Link:- https://www.brecorder.com/news/40428698
Zamir Ahmed Awan is the founder and Chair of the Global Silk Route Research Alliance, a think tank in Islamabad. He studied engineering at Shanghai University in the 1980s, and years later he went back to China as Pakistan's science counsellor in Beijing, from 2010 until 2016, working on science and higher education cooperation between the two countries.…
