Fourteen years ago British American Tobacco (BAT) Inc acquired 85% shares of PT Bentoel Internasional Investama Tbk (RMBA) from Peter Sondakh’s Rajawali Corpora for US$494 million. This is classified as one of failed investments by global tobacco player in Indonesia (i.e. vis-a-vis acquisition of HM Sampoerna by Phillip Morris International years earlier).To subscribe please click here