By SeafoodSource staff
Published on Monday, January 23 2012
Charoen Pokphand Foods Pcl, Thailand’s largest agribusiness company, expects sales in 2012 to exceed THB 300 billion (USD 9.55 billion), boosted by its purchase of a Hong Kong affiliate, its president said on Tuesday.
CP Foods agreed to buy 74.2 percent of Hong Kong-listed C.P. Pokphand Co Ltd. (CPP) for USD 2.1 billion in November last year. UBS AG and Asia Plus Securities Pcl advised CP Foods on the acquisition.
The acquisition of the majority stake will help CP Foods expand in China and Vietnam. In particular, it will get access to 28 provinces in China. The deal will also allow for better synergy between its animal feeds and farming businesses.
“We are seeing stronger sales growth this year, driven by the acquisition of C.P. Pokphand,” President Adirek Sripratak told reporters, adding the company had completed the purchase on 18 January.