[Intl-tobacco] Indonesia: Philip Morris controls 97% of Sampoerna's stake

[robert weissman]

Philip Morris controls 97% of Sampoerna's stake
Jakarta Post
May 19, 2005

JAKARTA (JP): U.S. cigarette giant Philip Morris now controls 97 percent
of the country's second largest cigarette maker PT Hanjaya Mandala
Sampoerna, and has appointed Martin King as the new president, replacing
the founder's descendant Michael Sampoerna.

The company's extraordinary general meeting of shareholders held on
Wednesday also appointed Philip Morris Asia Pacific President Matteo
Pellegrini as president commissioner.

The meeting retains Angky Camaro, Edward Frankel, and Sugiarta
Gandasaputra as directors of Sampoerna and adds Salman Hameed, Arndt
Kottsieper and Andrew White to the board of directors.

PT Philip Morris Indonesia, the world's largest cigarette maker's local
unit, expected to own at least 97 percent of Sampoerna as the public
tender offer closed on Wednesday.

"As of close of business Tuesday, May 17, approximately 57 percent of
shares were irrevocably tendered at a price per share of Rp 10,600
(US$1.13)," said the company in a statement.

In a surprise move in mid-March, Philip Morris acquired 40 percent of
Sampoerna's shares, including those of the founding family, for Rp 18.6
trillion. -- (Leony)