KARACHI, March, 9: Philip Morris International Inc. (PMI) on Friday announced completion of its acquisition of an additional 50.21 per cent stakes in the Lakson Tobacco Company Limited.

Combined with PMI’s existing 40 per cent stakes in Lakson Tobacco and an additional 7.41 per cent shares irrevocably tendered by shareholders at Thursday’s close of the public offer, PMI will own about 97.62 per cent of Lakson Tobacco, subject to the customary regulatory and verification process, said a release issued by the company.

On January 19, the PMI had announced that it had entered into an agreement to acquire an additional 50.21 per cent stake in Lakson Tobacco, from a number of its principal shareholders for Rs666.89 ($10.96) per share. PMI also made a public offer for all of the remaining issued and paid-up share capital of Lakson Tobacco.

“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,” he added.

On Friday, Lakson Tobacco’s board of directors also announced the appointment of Salman Hameed, 52, to the position of chairman and chief executive of the company.

“Our focus will be to bring together the complementary strengths of Lakson Tobacco and PMI,” said Hameed adding that “Lakson’s business performance over the years provides a strong platform for growth.”

Lakson Tobacco Company Limited was incorporated in 1969 and was Pakistan’s second largest tobacco company with an estimated 47 per cent cigarette market share in the fiscal year 2006.