TEMPO.CO, Jakarta – Cigarette manufacturer PT HM Sampoerna Tbk (IDX: HMSP) is set to raise the number of its portion of shares in public investors (free float). The plan is aimed at complying with the Indonesia Stock Exchange's (IDX) requirement of a 7.5-percent free float minimum.
President director Paul Norman Janelle said the decision has been approved by US-based parent company Philip Morris International Inc.
Today, 98.18 percent of HMSP shares are owned by Philip Morris, meaning there are only 1.82 percent public shares.
"We have appointed and investment bank to evaluate strategic options; including capital market transactions," he said.
Janelle did not specify how many shares HM Sampoerna will release to the public.
Meanwhile, corporate secretary Maharani Djody Putri was unable to confirm when the public floatation will take place. He only said that the company is aware of the time limit that IDX had set.
The IDX requires a listed firm to float at least 7.5 percent of its shares for the public. Companies listed in the bourse are expected to meet said requirement by no later than January 30, 2016.
Last year, HM Sampoerna recorded a cigarette market share of 34.9 percent. As of June 26, 2015, HMSP noted a stock market capitalization of US$23.6 billion, or around Rp313.7 trillion.
ANDI RUSLI | ARTIKA RACHMI FARMITA (SURABAYA) | RR