Thai food giant Charoen Pokphand Foods Plc (CPF) has consolidated 10 units operating agro-industrial and food businesses into a new firm, CPF (Thailand) Plc.
The consolidation, approved by CPF’s executive board last September, is aimed at enhancing business efficiency. The 10 subsidiaries are Bangkok Agro-Industrial Products, CP Northeastern, Bangkok Food Products, CPF Food Products, BP Food Products, Rajburi Foods, CP Industry, CP Agro-Industry, Klang and International Pet Food.
The new firm has paid-up capital comprising 7,008,250,000 ordinary shares at a par value of one baht each. The parent will own 99.98% of the new firm.
Last month CPF received shareholder approval to invest 66.3 billion baht in China and Vietnam, which will allow the company to proceed with buying 74.18% of Hong Kong-listed CP Pokphand Co, which has two main enterprises _ animal feed in China and integrated-farm operations in Vietnam through CP Vietnam Corporation.
These developments will help the company to achieve this year’s revenue target of 320-330 billion baht, up from 210 billion expected for last year.
Source: Bangkok Post Business