The owner of Parliament and L&M cigarette brands announced the difficulties of leaving Russia
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Tobacco company Philip Morris International (Marlboro, Parliament, Bond, Chesterfield, L&M, Next brands, sticks for IQOS) reported difficulties in selling Russian assets due to market restrictions. The corporation valued them at $2.5 billion.
“PMI is constantly evaluating the evolving situation in Russia, including the recent regulatory restrictions on the market, which entail very difficult conditions that must be met for any divestiture transaction to be approved by the authorities, and restrictions arising from international regulations,”— says in statement companies.
It is noted that as of December 31, 2022, the total assets of Philip Morris International in Russia amount to about $2.5 billion, excluding intra-group balances. Of these, approximately $0.6 billion is cash and cash equivalents held primarily in Russian rubles.
Philip Morris International intended leave Russia by the end of 2022. The Russian market was the seventh largest for Philip Morris. The share of the tobacco company’s products on the Russian market was 27%.
More on this topic – in the material “Kommersant FM” “Philip Morris evaporates from Russia”.
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