CP Group Thailand has claimed CP Vietnam Livestock Corporation still under its ownership and that the firm’s ownership restructuring this July was simply to facilitate its capital mobilization and production in Vietnam.
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Montri Suwanporsi, deputy financial manager of CP Group, informed on Monday a 29% stake of CP Vietnam is now held by CPF, a listed company under CP Group in Thailand.
The remaining 71%, worth some US$600 million, was announced to have been acquired by the China-based CP Pokphand (CPP) earlier in July. CPP is a subsidiary of CP Group Thailand and is listed on the Hong Kong Stock Exchange.
“We plan to use the financial advantages of CPP and CPF to promote the investment in Vietnam’s market,” said Montri at a press conference on Monday in Dong Nai province. “Besides we recognized CP Vietnam’s ownership structure could not meet the firm’s continuous expansion.”
Montri also turned down the rumor that the group is holding a 40% market share of poultry, 50% of egg, and 20% of feed nationwide.
Sooksunt Jumjaswanglerg, general director of CP Vietnam, said after the reorganization the company would invest in many projects involving feed production and foodstuff processing.
In particular, the company will complete and put into service a chicken processing factory named Phu Nghia on the outskirt of Hanoi. Similar factories will be later built in the southern region.
Besides, some projects like the livestock feed factory in Binh Duong Province and the tra fish processing plant in Ben Tre Province are to be rolled out in the coming time.
In 2010, the total revenue of CP Vietnam is US$1.1 billion with over US$50 million being profit.
(Source: SGT)
