Sampoerna launches rights issue to boost float

Philip Morris is obliged to offload part of its stake in its Indonesian unit before the nation's new free-float requirements come into effect in early 2016.

American tobacco giant Philip Morris International echoed the Indonesia Stock Exchange’s call for bigger free floats on Monday by launching a share sale worth up to Rp20.3 trillion ($1.4 billion) in local unit PT Hanjaya Mandala Sampoerna.

¬ Haymarket Media Limited. All rights reserved.

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