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Philip Morris raises stake in Sampoerna to 97 pct JAKARTA - Philip Morris International Corp said it has raised its stake in Indonesia's third largest 'kretek' (clove) cigarette maker, PT HM Sampoerna, to 97 pct following an irrevocable tender offer for an additional 57 pct. The tender was launched a month ago and is due to close today.

'As of the close of business (yesterday) Tuesday, May 17, approximately 57 pct of the shares were irrevocably tendered at a price per share of 10,600 rupiah,' the Altria Group unit said in a statement distributed at a press briefing. It added that combined with the 40 pct stake which unit PT PM Indonesia has previously acquired from a number of Sampoerna shareholders, including the principal shareholder, PMI will own approximately 97 pct of Sampoerna.

Philip Morris put the value of Sampoerna, if it were to tender for all the remaining shares, at a total of roughly 5.1 bln usd, including its 1.5 trln rupiah debt, it said. Sampoerna was founded by the Sampoerna family back in 1913. The company held a shareholders' meeting today to approve changes in its board of directors and commissioners following Philip Morris's acquisition. Shareholders appointed Martin King as new president, replacing Michael Sampoerna of the founding family.

King had been Philip Morris's managing director for China, where he developed the company's business for the Chinese market, the statement said. Other newcomers to the board of directors are Salman Hameed, who earlier was Philip Morris's vice president-finance for Asia Pacific; Arndt Kottsieper, who had been in charge of revitalizing and expanding Philip Morris's portfolio in Germany and Austria; and Andrew White, previously Philip Morris vice-president for corporate affairs for Asia Pacific.

Sampoerna directors Angky Camaro and Edward Frankel retained their posts. Shareholders appointed Philip Morris president for Asia Pacific, Matteo Pellegrini, as Sampoerna's new president-commissioner. They named Philip Morris vice-president for human resources for Asia Pacific, Michael Murphy, as vice-president commissioner, and Philip Morris controller for Asia Pacific, Douglas Werth, as a commissioner.

Commissioners Phang Cheow Hock and Ekadharmajanto Kasih retained their posts, Sampoerna said. Philip Morris Asia Pacific president and new Sampoerna president-commissioner Pellegrini said the company has no plans to delist Sampoerna, although only 3.0 pct of its shares remain listed on the open market. 'We understand that Sampoarna is an important company in the Jakarta Stock Exchange,' he said, without elaborating.
Going forward, Pellegrini said he expects Sampoerna to become the number one tobacco firm in Indonesia, noting that combined with Philip Morris's sales it is already the second largest cigarette firm with a market share of over 25 pct. In 2004, Sampoerna ranked third with a domestic market share of 19.4 pct, Sampoerna said in the statement. In the first quarter to March this year, its sales rose 28.3 pct year-on-year, with the inclusion of Philip Morris cigarettes helping bring net profit up 32.4 pct to 752.87 bln rupiah.

Sampoerna produces kretek cigarettes, which are made of tobacco and cloves. Its main products include Dji Sam Soe, A mild, and Sampoerna A Hijau. Director Camaro said Sampoerna plans to launch new products this year, but he would not explain. The company operates five cigarette plants located in and around the cities of Surabaya and Malang in East Java.


Related blog entries (category 'Economy') Related blog entries (category 'Economy'):
19 April 2005 · HM Sampoerna 1Q Sales IDR4.6 Tln Vs IDR4.0 Tln
20 March 2005 · Huge cigarette investment lights up prospects of economic revival
14 March 2005 · Philip Morris offers to buy Sampoerna for US$5.2 billion
04 September 2003 · Sampoerna launches new clove cigarette brand
18 March 2003 · Sampoerna raises some cigarette prices


Posted in Economy @ 18 May 2005 20:35 CET by Jeroen · 'Blog' RSS feed · permalink





Jeroen
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I assume it's no longer am Indonesian company anymore. Will this be the start of foreign investment picking up again or will Philip Morris just try to earn some money so they can pay for huge settlements elsewhere in the world?



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