BAT shareholders give nod for PJ land sale

The company remains concerned with legal volumes continuing to be impacted by the current rampant illegal cigarette trade after the unprecedented excise increase in November last year that saw consumers down-trading within the legal market.

KUALA LUMPUR: Shareholders of British American Tobacco (M) Bhd (BAT) have given their nod to the country’s largest tobacco player to dispose of two parcels of land that its factory sits on in Petaling Jaya to LGB Properties (M) Sdn Bhd for RM218mil.

BAT’s disposal, a move to restructure its business to further cut cost in light of falling sales due to high excise duties, was deemed fair, although some shareholders remained leery on its plans and outlook.