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. Last Updated: 07/27/2016

Philip Morris Buys Up

U.S. tobacco giant Philip Morris Corp will take a 97 percent stake in the Alma-Ata Tobacco Company, although Kazakhstan will keep a golden share giving it right of veto in extreme cases, Interfax said.

The agency said Philip Morris planned total investment of $315 million in the plant, Kazakhstan's only tobacco company. This would include $48.9 million for the share package, $50 million as a bonus to the state and $186 million to boost capacity to 25 billion cigarettes a year from 18 billion.

The U.S. firm also planned to invest $27 million to increase cultivation of high-quality tobacco in the former Soviet republic.

Philip Morris Corp said in September it planned to take a 49 percent stake in the plant, acquiring the remaining shares within one year.