Sampoerna sets up firm

Sampoerna sets up firm

JAKARTA (JP): PT HM Sampoerna, a major cigarette producer listed on the Jakarta Stock Exchange, will set up a subsidiary, to be called Sampoerna International, in Singapore to promote its exports to South East Asian countries, a company executive said.

The company's director for corporate development, John N. Meeks, said in a statement yesterday that the planned subsidiary, with an initial investment S$36 million (US$25.7 million), will take over an existing cigarette factory and establish another one in Singapore for the expansion of its production and marketing activities.

He said the subsidiary, which will be wholly owned by HM Sampoerna, will aim its marketing in Myanmar, the Philippines and other South East Asian nations. (riz)