Published: 24 January 2014

Cigarette maker British American Tobacco (BAT) has denied allegations that it is working out an exit plan from Zimbabwe.

This follows reports in the media that the conglomerate is divesting from Zimbabwe for political reasons.

"BAT wishes to reassure its business partners and shareholders that the company has no plans to leave or divest from Zimbabwe and continues to operate at full capacity," BAT managing director Mr Lovemore Manatsa said in a statement.

Last year, the firm had scaled down operations in the country and was outsourcing various local brands from its global network.

The firm however said the manufacturing facility in Zimbabwe was still producing all local brands at full capacity.

BAT Zimbabwe is owned 56.95 percent by London-based BAT International with other shareholders including Old Mutual which has a 19.1 percent stake.
- bh24

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