The consolidation, approved by CPF's executive board last September, is aimed at enhancing business efficiency, the company informed the SET, reports TheBangkokPost
The 10 subsidiaries are Bangkok Agro-Industrial Products, CP Northeastern, Bangkok Food Products, CPF Food Products, BP Food Products, Rajburi Foods, CP Industry, CP Agro-Industry, Klang and International Pet Food.
The new firm has paid-up capital comprising 7,008,250,000 ordinary shares at a par value of one baht each.
The parent will own 99.98 per cent of the new firm.
On 18 January, CPF received shareholder approval to invest 66.3 billion baht in China and Viet Nam.
The approval will allow CPF to proceed with buying 74.18 per cent of Hong Kong-listed CP Pokphand Co, which has two main enterprises - animal feed in China and integrated-farm operations in Viet Nam through CP Viet Nam Corporation.
These developments will help the company to achieve this year's revenue target of 320-330 billion baht, up from 210 billion expected for last year.
CPF shares closed yesterday on the SET at 35 baht, unchanged, in trade worth 542 million baht.
Charoen Pokphand Foods Merges Subsidiaries
THAILAND - The SET-listed Charoen Pokphand Foods Plc (CPF) has consolidated 10 units operating agro-industrial and food businesses into a new firm, CPF (Thailand) Plc.
by Lucy Towers
