Imperial Brands PLC today confirms its intention to sell its worldwide premium cigar business as part of its divestment programme.
\nThe programme supports Imperial\u2019s ongoing simplification agenda and will release capital to pay down debt and, where appropriate, invest in its growth agenda.
\nPremium Cigars has performed well over a number of years with good revenue and profit growth; however, it is a unique luxury business with a different consumer
\nbase and route to market relative to Imperial\u2019s other businesses. The sale of the business provides an attractive opportunity to realise shareholder value.<\/p>\n
The divestment programme was announced in May 2018 and is expected to generate proceeds of up to \u00a32 billion by May 2020, if not earlier.
\nImperial has so far realised \u00a3280 million from the sale of a portfolio of other tobacco products in the USA and a further 9.99 per cent of Logista.
\nSignificant progress has been made with a number of other divestment opportunities, with the priority of maximising shareholder returns.
\nRecognising that tobacco valuations have come under some pressure in the last 12 months, assets will be sold only if they will realise appropriate value.
\nImperial is being advised by AZ Capital with respect to the sale of Premium Cigars. Whilst the various options for Premium Cigars are being evaluated there can be no certainty that any transaction will take place or as to the terms of any such transaction.<\/p>\n","protected":false},"excerpt":{"rendered":"
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