The governmental CREP commission in charge of privatization of state enterprises says that two companies have presented their credentials to participate in the bid for the Compañía Anónima Tabacalera. The CAT produces cigarettes and cigars and has consistently lost market share. British American Tobacco (BAT), represented by Guillermo Hepburn and Cita, from the Canaries (Spain) represented by Alvaro Quezada presented their credentials to opt for the tender. Once privatized (investors purchase 50% of the shares and get managerial control), the firm will be known as La Tabacalera. CAT assets are estimated at US$19 million.
