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CPF divests 25% of CP Pokphand to Itochu Corp

Charoen Pokphand Foods' board agreed that the company and CPF Investment (CPFI) - a wholly owned subsidiary of CPF - would sell 25 per cent of the ordinary shares of CP Pokphand (CPP) to Itochu Corp, according to a CPF filing to the Stock Exchange of Thailand yesterday.

CPP is listed on the Hong Kong Stock Exchange, while Itochu is listed on the Tokyo Stock Exchange.

CPF and CPFI will together sell 6,017,959,308 ordinary shares to Itochu at 1.10 Hong Kong dollars apiece, for a total consideration of HK$6.61 billion (Bt27.16 billion).

The transaction is expected to be complete in September, after which CPP will remain a subsidiary of CPF.

CPF's share price yesterday closed at Bt28.75, up 1.77 per cent on the day.

Polarisation woes

Moody's Investors Service says that deep political polarisation in Thailand since 2006 is adding to structural challenges to the country's competitiveness, and that reform delays could eventually negatively affect the sovereign's credit profile, which has largely remained immune to the political disturbances. The ratings agency recently affirmed its sovereign rating for the Kingdom at "Baa1", with a "stable" outlook.

RS urges NBTC to pay

Music and entertainment firm RS has called for payment of outstanding compensation from the broadcasting and telecom watchdog in connection with the live telecast of the 64 Fifa World Cup matches via free-TV channels.

Chief executive officer Surachai Chetchotisak yesterday submitted a request to the National Broadcasting and Telecommunications Commission after receiving just Bt118 million of the Bt429 million the NBTC had committed to pay as compensation to the broadcasting rights-holder of the finals.

PTTEP net jumps 55%

PTT Exploration and Production (PTTEP) reported net profit of US$560 million (Bt17.8 billion) in the second quarter, up 55 per cent from the same period last year.

The company will make an interim dividend payment of Bt3 per share for first-half operations.


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