The Executive Branch has authorized the sale of all of the government shares in La Tabacalera, currently 49.5%, via a decree that allows the Patrimonial Fund of Reformed Businesses (Fonper) to approve the offer in the next general shareholders’ meeting.
The decree, issued on 15 September 2014, indicates that the sale is justified on the grounds that the Dominican state should not have a stake in economic activities linked to products like tobacco, which are harmful to human health.
Fonper will issue a tender for the sale, and Congress will need to give its approval prior to the completion of the sale.
British American Tobacco has been in discussions with Santiago-based La Tabacalera since 2000.
Medina autoriza al Fonper la venta del total accionario de La Tabacalera