NEW YORK (Yosefardi) – Philip Morris International (PMI) Inc. announced that PT HM Sampoerna Tbk (HMSP), an indirect subsidiary of Philip Morris International Inc. in which PMI holds a 98.18% interest through PT Philip Morris Indonesia (PMID), has set its rights issue price at Rp65,000-77,000 per new share, down from maximum 99,000 set earlier.
The purpose of the potential Rights Issue would be to comply with the Indonesian Stock Exchange’s (IDX) mandatory requirement of a minimum threshold for public shareholding.
Pursuant to IDX regulations, all listed public companies are required to have at least 7.5% of their total paid-up capital owned by the public (excluding controlling or principal shareholders) by January 30, 2016.
It is expected that after the Rights Issue, 7.50% of Sampoerna’s total paid-up capital will be owned by the public, in compliance with IDX requirements. Final pricing for the placement is expected to occur on or about October 1, 2015.