JAPAN Tobacco International (JTI) on Thurs-day confirmed it was in talks with Mighty Corp. regarding the sale of the local cigarette maker’s manufacturing and distribution business and assets, but clarified there was no formal agreement yet between the companies. “We can confirm that we have entered into exclusive talks with Mighty Corp. on the sale of its cigarette manufacturing and distribution business and assets,” JTI said in a statement released on Thursday. It declined to further elaborate on the issue until an agreement is signed. On Wednesday, the Department of Finance revealed that Mighty offered a P25-billion settlement for its tax liabilities. Three tax cases filed by the Bureau of Internal Revenue against Mighty Corp. are pending before the Department of Justice.

Source: Manila Times July 13, 2017 17:15 UTC