Jessica Miller | November 20, 2012
Cigarette maker PT Wismilak Inti Makmur declared that it will sell up to 30 per cent of the company’s enlarged shares during an initial public offering (IPO) next month to increase funds for business expansion. “Shares of Wismilak are to be priced between Rp 575 and Rp 800 apiece,” Iman Rahman, PT Mandiri Sekuritas director, reported in Jakarta on Monday, adding that the price-earnings (PE) ratio of the shares would reach between 10 and 14 by 2013. If the PE estimate holds true, the company might increase between Rp 362.2 billion (US$37.6 million) and Rp 503.9 billion from the sale of 629.96 million enlarged shares to the public. Wismilak has named PT Mandiri Sekuritas and PT OSK Nusadana Securities Indonesia as the underwriters of its IPO.
Jessica Miller | November 19, 2012
The number of cigarettes bought in the UK which have avoided submission and taxes is set to increase, one of the country’s top three companies has warned. Japan Tobacco International, the owner of UK-based Gallaher, conducted a secret shopping trip around north-west London that revealed a big range of fake cigarettes and rolling tobacco being sold for approximately half the retail price. These include well-known smoking brands where the pack design is written in Spanish but the tax stamp is Belgian and rolling tobacco which contains large amounts of impurities. The firm believes that after two of the largest duty hikes in the past two Budgets – a total of 70p on a package of 20 – the rate of smuggling and production of counterfeit cigarettes will rise.
Jessica Miller | November 16, 2012
Tobacco industries have no reason to complain about the sin tax ordinance because the in company will still be beneficial, according to a Palace official. Presidential Spokesman Edwin Lacierda brushed aside the appeal of the tobacco industries to defer the bill that would increase sin taxes on sin smoking products supposedly by 1,000 per cent. The plead of the tobacco firms, which instead sought for a “dispute that works for all of us,” was published in paid ads in several newspapers.
Jessica Miller | November 14, 2012
Contrabandist has been caught transporting millions of illegal cigs around Bulgaria in coffins and even hiring hearses to throw investigators off the smell. Head of the Bulgarian customs agency Vanyo Tanov argued state BNT television on Tuesday the smugglers also concealed some vehicles as ambulances. The public statement came after authorities seized 25 million contraband tobacco products. Four shiny coffins and boxes labelled as containing broccoli were found along with the contraband at a depot in the capital Sofia, the agency declared in a declaration.
Jessica Miller | November 13, 2012
The Student Government Association is trying to give the University of Memphis community its right to chew tobacco, that is. On Nov. 8, the SGA passed a decision that would change the current smoke-free policy on campus to an “on-campus smoking prohibition,” permitting smokeless tobacco to be used on campus area. Addison Piggott, the SGA senator who sponsored the resolution, argued students should be able to use smokeless tobacco everywhere outdoors because they have no secondhand effects on non-smokers. “We shouldn’t be taking away their right,” he explained. “If they are over 18, they should have the right to use smokeless tobacco if they choose to.”