U.S. cigarette giant Philip Morris International Inc plans to sell a stake worth at least $1 billion in Indonesian unit PT HM Sampoerna Tbk to comply with free-float rules, two people familiar with the matter said on Monday.Philip Morris currently owns 98.18 percent of Sampoerna, Indonesia's biggest cigarette maker by market value and which is worth $23 billion. Philip Morris has short-listed Goldman Sachs, Credit Suisse AG, JPMorgan, Citigroup and Mandiri Sekuritas to sell down its holding by at least 5.68 percent, to make the publicly available shares in Sampoerna equivalent to at least 7.5 percent of its total share base, one of the sources said.Both people declined to be named due to the confidentiality of the matter.
Philip Morris International Inc. is a holding company engaged in the manufacture and sale of cigarettes, other tobacco products and other nicotine-containing products in markets outside of the United States. Shares of PM fell by 0.16% or $-0.13/share to $81.17. In the past year, the shares have traded as low as $75.27 and as high as $90.25. On average, 4603270 shares of PM exchange hands on a given day and today's volume is recorded at 2977584.