KARACHI, Jan 24: Philip Morris International (PMI) announced on Wednesday that it intended to commence public tender offer for shares in Lakson Tobacco Company on February 15, 2007.

In a statement released from Lausanne, Switzerland, the company observed that the announcement followed the declaration of interim dividend by the board of directors of Lakson on Tuesday, payable to all shareholders whose names appear on the share register of Lakson Tobacco on February 14, 2007.

“PMI’s announcement today should allow such shareholders to receive the interim dividend and also participate in the public offer,” the head office announcement stated. PMI reiterated that the public tender offer for Lakson Tobacco would be at the previously announced price of Rs666.89 per share.

“Detailed information about the public tender offer will be provided in the public announcement PMI intends to publish on Thursday (February 15),” the announcement concluded.

Down here at the Karachi Stock Exchange (KSE), Lakson Tobacco Company announced profit after tax (PAT) in the sum of Rs370 million for the quarter ended December 31, 2006, slightly lower than PAT at Rs399 million in the corresponding quarter of the previous year. Earning per share (eps) for the quarter under review stood at Rs6.02 and for the previous similar period Rs6.48.

The board also declared an interim cash dividend at Rs5.80 (58 per cent) per share for the year ending June 30, 2007.

For the half year ended December 31, 2006, the company posted profit after tax at Rs719 million, about Rs20 million lower than Rs738 million in the comparable six months of last year. Earning per share for the half year worked out at Rs11.67 and Rs11.99 for the previous corresponding period.

Gross sales for the six months rose to Rs10.2 billion, from Rs8.8 billion in the first six months of 2005. Sales tax for the current and the previous period amounted to Rs1.3 billion and Rs1.2 billion, respectively, following which net turnover depicted 15 per cent growth to Rs8.9 billion for the period under review, from Rs7.7 billion in the same time last year.