Philip Morris Plans To Sell Stock In Indonesian Unit
Cranes are seen over a building-construction site in central Jakarta, Indonesia, Sept. 9, 2015
Philip Morris International Inc. plans to sell shares in its Indonesian unit, which could allow it to raise as much as $1.4 billion. In the latest such move by a foreign company in Southeast Asia’s struggling equity markets, the firm — the maker and marketer of Marlboro cigarettes outside the U.S. — is seeking to sell the stock through a rights issue in a range between $4.94 and $5.32 per share, people with knowledge of the plan told the Wall Street Journal. Indonesia is the world’s third-largest market for cigarettes, behind China and the U.S. Details
