Philip Morris International Inc (PMI) on Friday announced completion of its acquisition of an additional 50.21 percent stake in Lakson Tobacco Company Limited (Lakson Tobacco) from a number of principal shareholders.
According to a press release issued on Friday, combined with PMI's existing 40 percent stake in Lakson Tobacco and an additional 7.41 percent of shares irrevocably tendered by shareholders a day earlier close of the public offer, PMI will own approximately 97.62 percent of Lakson Tobacco, subject to customary regulatory and verification processes.
"PMI looks forward to a bright future for Lakson Tobacco in Pakistan," said Matteo Pellegrini, President of PMI's Western Asia region. "This acquisition combines PMI's international expertise and global brand portfolio with Lakson Tobacco's local knowledge and strong brands, including market leader Morven Gold."
Lakson Tobacco's Board of Directors also announced the appointment of Salman Hameed to the position of Chairman and Chief Executive of Lakson Tobacco.
"Salman Hameed brings depth of experience in both Pakistan and PMI's businesses in other markets," said Pellegrini. "I am confident that his leadership complemented by the existing successful management team, will enable Lakson Tobacco to further solidify its market position." Hameed started his career at Premier Tobacco Industries Limited. He joined Philip Morris Asia Limited, Hong Kong in 1989 and has since held a series of finance and planning positions, including Vice President Finance Asia Pacific. In 2005, following PMI's acquisition of PT HM Sampoerna Tbk, he moved to Indonesia as Chief Financial and Information Officer of Sampoerna Group of Companies. He holds a post-graduate degree in applied mathematics from the University of Karachi.
Pellegrini also paid tribute to Iqbal Lakhani, whose outstanding leadership over many years contributed to Lakson Tobacco's success to date. As previously announced, Lakhani has agreed to serve as special adviser in Pakistan for a transitional period of three years.-PR