Charoen Pokphand Foods Public Company Limited (SET: CPF) announced the divestment of integrated broiler companies in China to a connected person by a subsidiary via the Stock Exchange of Thailand (SET).
CPF revealed that the Board of Directors’ Meeting convened on December 12, 2023 resolved to approve CP Food Investment Limited (CP Food), a subsidiary of CPF, to divest 4 integrated broiler companies in China to Chia Tai C.P. Trading Development Co., Ltd. (Chia Tai CP), a subsidiary of Charoen Pokphand Group Co., Ltd. (CPG), which is CPF’s major shareholder.
The transaction value is RMB 432 million or THB 2,152 million which is equivalent to 1.35% of net tangible asset value of CPF and its subsidiaries according to the latest reviewed consolidated financial statements ended September 30, 2023.
In addition, CPF has not entered into any other transaction with CPG and its related persons over the past six months (from June 12, 2023 to December 11, 2023).
