JAKARTA, July 6 (Reuters) - U.S. cigarette giant Philip Morris International Inc plans to sell shares worth more than $1 billion in Indonesia’s PT HM Sampoerna Tbk, the Wall Street Journal reported on Monday, citing people familiar with the matter.
Philip Morris has tapped investment banks including Goldman Sachs Group Inc., Credit Suisse Group AG, J.P. Morgan and local firm Mandiri Sekuritas for the share sale, the Wall Street Journal said.
Last month, Philip Morris said Sampoerna will explore options to comply with a new Indonesia stock exchange regulation requiring a minimum free float of 7.5 percent. All listed Indonesian firms have to comply with the rule by Jan. 30, 2016.
Philip Morris owns 98.18 percent of Sampoerna and only 1.82 percent is in public hands. Sampoerna had total market value of more than $23 billion.
Reporting by Eveline Danubrata; Editing by Biju Dwarakanath