Pakistan Tobacco Company (PSX: PAKT), an affiliate of the British American Tobacco Company, is the oldest multinational in Pakistan. It was incorporated in 1947 as the first foreign investment in newly-born Pakistan, and succeeded the Imperial Tobacco Company of British India, which had been operating in South Asia since 1905. Pakistan Tobacco Company's parent company, British American Tobacco Company is the world's second-largest tobacco group by global market share, while PAKT is the largest cigarette manufacturer in Pakistan. About 94.3 percent of the company is owned British American Tobacco (Investments) Limited, while the rest is cut up between other stakeholders, such as investment companies, banks, insurance companies, mutual funds and employees. The firm's overall shareholding pattern is provided in the illustration.