CPF to expand its Philippines operation
Charoen Pokphand Foods (CPF) yesterday announced plans to invest Bt37 million to expand its livestock and aquaculture business in the Philippines' economic area of Cebu.
The CPF board has approved the setting up of CPF Philippines, the company reported to the Stock Exchange of Thailand. The move is part of the company's investment policy to explore potential overseas markets. Adirek Sripratak, CPF's president and chief executive officer, said yesterday that the company would start with a shrimp hatchery, which would support the company's shrimp-feed exports. The farm is due to be completed by the second half of this year. In addition, the company also plans to widen its operations into feed mills and other types of farming. It is studying investment opportunities in the country to facilitate expansion. "We want to continue expanding our offshore investment to reduce exposure from not only economic risk but also any environmental impact," Adirek said, adding that CPF also sent experts to Cebu to help develop livestock standards. CPF is also looking at investment opportunities in Russia, Vietnam, China and other Asian countries. Due to the stronger baht, the company has revised down its 2007 sales revenue forecast from Bt140 billion to Bt130 billion.
|
