CPF Acquires 43.30% of “CPA” to Enhance Shrimp Business

Charoen Pokphand Foods Public Company Limited (CPF) has announced that the Board of Directors’ Meeting convened on March 12, 2021 passed the resolution regarding the acquisition in total of 43.30% of ordinary shares in C.P. Aquaculture (India) Private Limited from Charoen Pokphand Group Co., Ltd. and C.T. Progressive (Investment) Ltd.

 

CPF will acquire ordinary shares of C.P. Aquaculture (India) Private Limited (CPA) in aggregate of 43.30% of total issued and paid-up shares of CPA for a total consideration of RS 3,483 million or approximately 1,445 million baht from CPG and CT Progressive as a connected transaction of CPF.

 

After the completion of the acquisition, CPF’s shareholding in CPA will increase from 31.70% to 75.00%. As a result, CPA will change from an associated company to a subsidiary of CPF.

 

CPF stated that CPG is a major shareholder of CPF. For this transaction, CPG will receive a total consideration of RS 2,478 million or approximately 1,028 million baht. Moreover, CT Progressive is an entity which its ultimate shareholders are the Chearavanont family. For this transaction, CT Progressive will receive a total consideration of RS 1,005 million or approximately 417 million baht.

 

CPA is shrimp feed manufacturing, shrimp hatchery and shrimp processing in India.