Stocks in the country’s largest cigarette maker, HM Sampoerna, have been climbing since a recent jumbo rights issue, with the gloomy market outlook seemingly have little effect on the firm’s share-trading. HM Sampoerna president director Paul Janelle said that the price of his company’s stocks had gained pace since the rights issue, which has further sealed HM Sampoerna’s position as the country’s biggest firm with market capitalization of Rp 456 trillion (US$33.48 billion) as of Nov. 11. The tobacco firm started releasing 269.7 million new shares on...
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