TOKYO: Japan Tobacco (JT) said Tuesday it would pay nearly $1 billion to buy Mighty Corp, the Philippines’ number two cigarette firm, marking its second acquisition in Southeast Asia this month.

JT on Tuesday said it would pay 46.8bn pesos ($936m) for Mighty, which has a 23pc share of the Philippine market.

It comes several weeks after announcing it was buying Indonesian cigarette maker PT Karyadibya Mahardhika and its distributor for $677m.

Published in Dawn, August 23rd, 2017