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• British American Tobacco to sell its holding in Myanmar (Burma) (PDF) 

Michael Prideaux, Director, Corporate & Regulatory Affairs, said: “The sale agreement follows the exceptional formal request by the British Government in July for us to reconsider our investment in the joint venture. As a UK-based multinational, we have taken the request seriously.

“We believe the solution is a balanced outcome to a difficult dilemma. We will sell our share in the Rothmans of Pall Mall Myanmar joint venture, while ensur ing its continuing stability as a going concern that can maintain local employment opportunities and the orderly and responsible local marketing of our brands. We expect the arrangement to meet the British Government’s requirement.

“We are leaving our role in Rothmans of Pall Mall Myanmar with regret, as our managers have established it as one of Burma’s best employers, operating to high standards of business practice and corporate responsibility. We have been assured that the new owners of our 60% share aim to maintain the company’s high operating standards and the best possible employment prospects for its 500 employees.”

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