Philip Morris International, the world's largest tobacco maker, has seen the value of its investment in Indonesian cigarette maker PT Hanjaya Mandala Sampoerna rise more than three-fold in 10 years after completing a partial stake sale on Thursday.
New York-listed Philip Morris raised Rp20.3 trillion $1.4 billion through the sale of roughly 5.7% of Sampoerna’s enlarged share capital in a rights issue-cum-secondary share placement. The final price was set at the top end of the Rs65,000 to Rs77,000 marketed range.
Philip Morris took over Sampoerna in 2005 through a tender offer for a total consideration of $5.2 billion, or Rp10,600 per share, in one of...
¬ Haymarket Media Limited. All rights reserved.
