New CPF unit to manage business in Philippines
[Source:The Nation - Bangkok, Thailand]
Charoen Pokphand Foods announced the establishment of CPF Philippines Corp to manage its aquaculture and pig-farming operations in the Asean country.
Adirek Sripratak, president and chief executive officer of CPF, said the company was investing about Bt1.52 billion in two business areas: Bt1.4 billion for marine feed mills and Bt125 million for pig farming.
"We decided to set up the company after operating our business in the Philippines for a while and enjoying a successful outcome," he said.
CPF's aquaculture business comprises a shrimp feed mill to be set up in Cebu, a promoted economic zone, with a production capacity of 30,000 tonnes per year.
In addition, a fish feed mill will be set up on Luzon, which is the biggest island in the country, with a capacity of 60,000 tonnes per year.
The company expects to complete both projects next year.
Adirek said a pig-farming operation would also be constructed on Luzon. The company will start by raising 1,200 pedigree animals, eventually leading to 10,400 breeding pigs.
The investment will serve the needs of 92 million people in the Philippines, which has an annual population growth rate of 2 per cent. The per-capita pork consumption is 15 kilograms per year, against Thailand's 13kg.
The overall investment plan will also boost CPF's income in the remainder of the year.
CPF has reported first-half revenue of Bt75.39 billion and net profit of Bt3.96 billion.