CPF acquires China’s Cofco Meat Suqian
In its latest big buy, Charoen Pokphand Foods Plc, the SET-listed flagship of agribusiness giant Charoen Pokphand Group, has acquired Cofco Meat Suqian for 976 million baht. Through Chia Tai China Investment Co, an indirect subsidiary of CPF in China, CPF will also take over the shareholder’s loans worth 2 billion baht. CPF indirectly holds 50.43% of CTCI through CP China Investment Ltd, a wholly owned subsidiary of Hong Kong-listed C.P. Pokphand Co Ltd, of which CP is a part owner. CTCI expects the acquisition to be completed by year-end. Upon completion of the acquisition, Cofco Suqian will become an indirect subsidiary of CPF. According to a filing with the Stock Exchange of Thailand, the acquisition was agreed last Friday and will allow CPP to expand its agri-food business in China and further reinforce CPP’s leading position in the industry.
