Philip Morris boosted by partial sale of Sampoerna

US tobacco maker Philip Morris sells 5.7% stake in the Indonesian company, raising $1.4 billion and equating to an annualized return of 37.3%.

Philip Morris boosted by partial sale of Sampoerna

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...

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