KT&G Takes Steps to Support Small Businesses and Enhance Coexistence

Business by 2FIRSTS.ai
Jan.26.2024
KT&G Takes Steps to Support Small Businesses and Enhance Coexistence
South Korean tobacco company KT&G announced early payment of outstanding debts to alleviate financial pressure on small and medium-sized partners.

According to a report by South Korean media outlet Hankyung on January 25, the Korean tobacco company KT&G has announced that it will make early payments of accounts payable in order to alleviate financial pressures on its small and medium-sized business partners and strengthen cooperative operations.

 

KT&G has pledged to pay a total of KRW 66.4 billion (approximately CNY 377 million) in outstanding payments to 41 cooperation partners providing raw materials and consumables, more than a month ahead of the upcoming New Year holiday.

 

Every year, KT&G makes early payments of these funds before the New Year and Mid-Autumn Festival, aiming to assist its partners in easing financial pressures. During the previous Mid-Autumn Festival, KT&G also made advance payments of KRW 91.7 billion in accounts payable to support its partners in ensuring liquidity.

 

In addition, KT&G joined the "Raw Material Connection Enterprise" system in November last year, which supports reflecting a portion of the increase in raw material prices in the supply payments, aiming to alleviate the burden on small and medium-sized business partners.

 

A representative from KT&G stated, "We will continue to seek various measures to achieve value growth with our partners and enhance sustainability along the value chain.

 

Notice

1. This article is provided exclusively for professional research purposes related to industry, technology and policy. Any reference to brands or products is made solely for the purpose of objective description and does not constitute an endorsement, recommendation, or promotion of any brand or product.

2. The use of nicotine products, including but not limited to cigarettes, e-cigarettes, and heated tobacco products, is associated with significant health risks. Users are required to comply with all relevant laws and regulations in their respective jurisdictions.

3. This article is strictly restricted from being accessed or viewed by individuals under the legal age.

Copyright

This article is either an original work by 2Firsts or a reproduction from third-party sources with the original source clearly indicated. The copyright and usage rights of this article belong to 2Firsts or the original source. Unauthorized reproduction, distribution, or any other unauthorized use of this article by any entity or individual is strictly prohibited. Violators will be held legally responsible. For copyright-related matters, please contact: info@2firsts.com

AI Assistance Disclaimer

This article may have utilized AI to enhance translation and editing efficiency. However, due to technical limitations, errors may occur. Readers are advised to refer to the sources provided for more accurate information.

This article should not be used as a basis for any investment decisions or advice, and 2Firsts assumes no direct or indirect liability for any errors in the content.

Declining Trend in E-cigarette Export Price Continues
Declining Trend in E-cigarette Export Price Continues
China's e-cigarette export average price dropped 4.74% month-on-month and 27.37% year-on-year, according to updated data from China Customs.
Market
Aug.25 by 2FIRSTS.ai
The Concept of Generation End: Proposed Ban on Tobacco Products
The Concept of Generation End: Proposed Ban on Tobacco Products
The UK is considering banning tobacco and e-cigarette use, ownership, and sales for those born after 2007 due to negative health, financial, and environmental impacts.
Sep.01 by 2FIRSTS.ai
Altria in Talks to Buy Vaping Startup NJOY
Altria in Talks to Buy Vaping Startup NJOY
Altria reportedly in talks to acquire NJOY, the third-largest e-cigarette brand in the US, for $2.75 billion.
Feb.28 by 2FIRSTS.ai
ISPIRE Reports Strong Growth in Q2 FY2024: Operating Expenses Surge to $10.3 Million, Net Loss at $4 Million
ISPIRE Reports Strong Growth in Q2 FY2024: Operating Expenses Surge to $10.3 Million, Net Loss at $4 Million
ISPIRE reports significant revenue growth in Q2 of 2024, with total revenue reaching $41.7 million, driven by cannabis products.
Business
Feb.21 by 2FIRSTS.ai
Jinjia Group Exits Yunshuo, Boosts Mofee Cigarette Sales Overseas
Jinjia Group Exits Yunshuo, Boosts Mofee Cigarette Sales Overseas
Jinjia Group announced a strategic adjustment to its new tobacco segment, stating it no longer holds equity in Yunnan Sparking Science and Technology. The company's heated cigarette brand, Mofee, has reported strong sales in Southeast Asia and the Middle East, with plans to intensify market expansion efforts.
Nov.25 by
Lithuania Government Rejects Proposed Amendments to E-cigarette Sales
Lithuania Government Rejects Proposed Amendments to E-cigarette Sales
Lithuania's government rejects proposed amendments to allow e-cigarette prescription sales, citing possible restrictions on youth usage.
Regulations
Nov.17 by 2FIRSTS.ai