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British American Tobacco PLC on Monday said that it is evaluating the potential disposal of part of its shareholding in ITC Ltd.
The London-based maker of cigarettes and vapes noted recent press speculation relating to a potential disposal of part of its shareholding in ITC.
ITC is a Kolkata, India-based company. It is India’s biggest cigarette maker but has diversified into other businesses including luxury hotels. BAT owns a 29% stake valued at around £14 billion.
On Monday, it confirmed that it is evaluating a possible disposal of a ‘small part’ of its shareholding in ITC by means of an on-market block trade.
This is not the first time that BAT has hinted about a sale in its ITC stake. Notably, it said it was regulary reviewing its stake in ITC in February after it reported its annual results.
‘There can be no certainty that any such transaction will proceed, nor can there be any certainty as to the terms of any potential transaction,’ it added.
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