Thailand’s Charoen Pokphand Foods (CPF) is acquiring a 32.41% stake (75,194,164 shares), from the 5 existing shareholders of Charoen Pokphand Enterprise (Taiwan) Co (CPE), Taiwan’s leading agro-industrial and food firm, for 826 mln baht, as part of its overseas business expansion.
According to CPF president and chief executive officer Adirek Sripratak, the investment in Taiwan will help expand income from CPF’s overseas operations.
Encouraged by healthy growth in the first quarter, CPF continues to expand in Turkey, India, Malaysia, Laos, the Philippines, England, China and Russia, where it opened its feed mill in Russia in May, and plans to invest more than 4.5 bln baht this year, including 2.5 bln in overseas expansion.
“CPF is confident its strategy to expand in high potential countries will enhance its business growth in the future. Our return this year on overseas operations should improve a lot and will be a major factor for CPF’s net profit,” he said, adding that CPF’s food business is expected to grow by 100% this year from 158.67 bln baht last year with a net profit of 3.12 bln.