Sampoerna eyes electricity business

The Sampoerna family, which decided to leave its multi-billion dollar cigarette business by selling its stake in PT HM Sampoerna to U.S. company Philip Morris, is mulling to enter the power sector business, the Bisnis Indonesia newspaper reported in its Wednesday edition.

“The Sampoerna family has been searching for the business potential in power plants since last year. But it’s not clear why it wants to shift from cigarette to power industry. At that time (last year), there was no sign that the family will move from cigarettes,” one investment banker, who knew Sampoerna family’s plan, said.

When contacted by telephone, PT Hanjaya Mandala Sampoerna Tbk’s commissioner Ekadharmajanto Kasih told the Bisnis that the proceeds from the divestment will be invested in Indonesia.

“ We are considering many sectors and the infrastructure is one of them. I can’t give details at this moment. Just wait for few weeks, he said, while emphasizing that Sampoerna family will not invest in cigarette any more.

Ekadharmajanto didn’t want to mention in which sector of the infrastructure, the Sampoerna family invest.(*)