Philip Morris International plans to sell over USD 1 billion (EUR 900 million) of shares in its PT HM Sampoerna Tbk unit to comply with a pending stock-exchange rule, the Wall Street Journal reported.

Citing sources familiar with the situation, the newspaper reported that the US cigarette giant has approached investment banks Goldman Sachs, Credit Suisse, J.P. Morgan, and Indonesian firm Mandiri Sekuritas to facilitate the sale of shares before end of year.
Indonesian-listed companies must publicly float at least a 7.5 per cent share of paid-up capital. Effective as of 30 Jan 2014, companies have two years to comply with the rule. With a market capitalisation of around USD 23.6 billion, PMI currently holds a 98.2 per cent stake.