Philip Morris acquires Pakistan's Lakson Tobacco..

March 10, 2007 - Philip Morris acquires Pakistan's Lakson Tobacco.. Philip Morris International (PMI) on Friday completed the acquisition of a 50.21 percent stake in Pakistan's Lakson Tobacco Co. Ltd. (LAKT.KA: Quote, Profile, Research) for about $340 million, the U.S. tobacco giant said in a statement. PMI, which now holds around 97.62 percent shares in Lakson, agreed in January to acquire the stake in Pakistan's second largest tobacco firm at 666.89 rupees a share. "This acquisition combines PMI's international expertise and global brand portfolio with Lakson Tobacco's local knowledge and strong brand," the company said. (Philip Morris acquires Pakistan's Lakson Tobacco, 3/9/2007)

Lakson Tobacco is Pakistan's second largest tobacco company, with an estimated cigarette volume of 29.8 billion units in fiscal year, ending 30 June, 2006, generating net revenues of approximately USD160.5 million. Its EBITDA was USD 46.1 million in 2006 and the Company held an estimated 47% share of the growing 63 billion-unit Pakistan cigarette market. Morven Gold is the leading brand in the market with an estimated 37% market share, complemented by Diplomat and Royals. Additionally, Lakson Tobacco is the licensed manufacturer of PMI's Marlboro and Red & White brands in Pakistan.
PMI will acquire an additional 50.21% stake in Lakson Tobacco,EdgarOnline, 3/2007)