The Directors of Carreras Group have resolved to return the focus of the Group to cigarettes and other tobacco products. To this end, Carreras will resume the manufacture and distribution of cigarettes and other tobacco products.
The Cigarette Company has accepted an offer from Carreras to buy all of Cigarette Company of Ja.’s fixed assets, comprising plant and machinery, equipment, vehicles, furniture and fixtures etc. and to purchase inventories, and to cease to manufacture and distribute cigarettes effective December 31, 2003. Effective, January 1, 2004, the employees of Cigarette company will be transferred to Carreras on identical terms to their current terms of employment.
