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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  British American Tobacco Plc    BATS   GB0002875804

BRITISH AMERICAN TOBACCO PLC

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Kenya's health minister questions licensing of BAT's LYFT nicotine pouches

10/07/2020 | 07:06am EST

NAIROBI (Reuters) - Kenya's health minister has accused the regulator of flouting tobacco control laws when it licensed the sale of LYFT nicotine pouches by British American Tobacco Kenya.

BAT Kenya, which is part of British American Plc, said in June it had invested in a 2.5 billion shillings ($23 million) oral nicotine production facility to serve the regional export market in East Africa and beyond.

The new factory, which BAT Kenya says is the first of its kind in Africa, is part of the group's plan to follow the changing habits of tobacco consumers.

But in a letter to the country's Pharmacy and Poisons Board, which regulates the sale of the products, health minister Mutahi Kagwe accused it of violating several provisions of the law when it licensed LYFT.

"Market surveillance has revealed that the product is dispensed in automatic vending machines contrary to the law," Kagwe said in the letter seen by Reuters on Wednesday.

The regulator was not immediately available for comment, while BAT Kenya said it would respond to the letter later in the day.

Kagwe demanded the regulator provide the ministry with a "comprehensive report on the criteria used and circumstances leading to the registration and licensing of the product."

($1 = 108.4000 Kenyan shillings)

(Reporting by Duncan Miriri; Editing by Mark Potter)


© Reuters 2020
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Financials
Sales 2020 25 728 M 35 299 M 35 299 M
Net income 2020 7 065 M 9 693 M 9 693 M
Net Debt 2020 40 447 M 55 494 M 55 494 M
P/E ratio 2020 8,72x
Yield 2020 7,85%
Capitalization 62 807 M 85 677 M 86 171 M
EV / Sales 2020 4,01x
EV / Sales 2021 3,83x
Nbr of Employees 56 689
Free-Float 88,8%
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Number of Analysts 20
Average target price 3 619,71 GBX
Last Close Price 2 747,50 GBX
Spread / Highest target 67,4%
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NameTitle
Jack Marie Henry David Bowles Chief Executive Officer & Executive Director
Richard George William Burrows Chairman
Alan Davy Operations Director
Tadeu Luiz Marroco Executive Director & Finance Director
David O'Reilly Director-Research & Science
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