Philip Morris International (PMI), the majority shareholder of Philip Morris Sabancı Sigara ve Tütüncülük A.Ş. (PHILSA) and Philip Morris Sabancı Pazarlama ve Satış A.Ş. (PMSA) since their establishment, has acquired the outstanding 25 percent stake and became the main shareholder in the two companies following the approval of the Competition Board on January 5, 2022.
In a press release, PMI Middle East, Africa, and Duty Free President Drago Azinovic said, “We have been investing in Philip Morris Sabancı and its employees for over 30 years, as well as in various social, economic, and agricultural programs across Turkey," and added that the acquisition shows PMI's confidence and commitment to both Turkey's future and its economy.
PMI paid TRY 2.88 billion for the Turkish tobacco producer's outstanding 25 percent shares.