Philip Morris to take over Lakson Tobacco this month

Philip Morris the makers of world famous Marlboro cigarettes will take management control of Lakson Tobacco Company (LTC) this month.

Philip Moris would takeover LTC within two business days after the closing date of the Public Offering it would make for acquiring remaining 9.79 per cent (i.e. 6,030,279) ordinary shares at Rs666.89 per share on February 15, 2007, Philip announced on Thursday.

However, Iqbal Ali Lakhani, LTC’s outgoing Chief Executive and one of the sellers shall remain as an adviser to the acquirer’s group in Pakistan for a transitional period of three years at a monthly fee of Rs1,50,000 during the first years, progressively reducing thereafter, payable by the acquirers’ group.

What Happens When Beasts Roam the Earthen Markets

Needless to say, a stock market is a very interesting playground; things change quite quickly and decisively. A few days ago we saw a bearish trend in the market and now the trend has changed to bullish. These were the levels and prices where everyone was selling and leaving the market; now, everyone’s back on the wagon again, everyone wants to buy and make money.

Last week the bullish trend continued. The Index crossed 11,000 points once again. There was an overall increase in 464 points in KSE-100 index. Though it was the last week of January trading, buying was strong in that it did not affect the pursuant bullish trend. On Wednesday and Thursday, the Index increased by 150 and 175 points respectively.