Thailand: CPF ups 2011 investment budget to reap benefits from strong baht
Charoen Pokphan Foods Plc (CPF) has set its 2011 investment budget at 6 billion baht, of which 4 billion baht would finance its farms and farm-related businesses in India, Russia and Turkey, regarded as key developing markets where demand for meat remains strong and market potential is high, says Adirek Sripratak, CPF president and chief executive.
He added that “offshore investments have contributed substantial revenue to CPF this year and would continue to play a significant role in our next year's performance.”
CPF's 2011 investments should help push up sales by 5-to-10% next year despite risks from the strong baht and high commodity prices and has hedged its currency exchange at 30-31 baht for two months and placed advance orders for maize and soybean meal in quantities that would last to mid 2011, he says.
(By Joyce Rainat)
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