The Traderszone Network

Published in TZ Latest News 6 July, 2015 by The TZ Newswire Staff

Philip Morris to cut stake in Indonesian unit, could raise over $1 billion: sources

JAKARTA/SINGAPORE (Reuters) – U.S. cigarette giant Philip Morris International Inc (PM.N) plans to sell a stake worth at least $1 billion in Indonesian unit PT HM Sampoerna Tbk (HMSP.JK) to comply with free-float rules, two people familiar with the matter said on Monday. Philip Morris currently owns 98.18 percent of Sampoerna, Indonesia’s biggest cigarette maker by market value and which is worth $23 billion.

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