Thai CP Foods plans US$45 million investment in the Philippines

Charoen Pokphand Foods PCL, Thailand's biggest chicken exporter, on Tuesday (August 25) said it planned to invest 1.52 billion baht (US$45 million) in the Philippines, mainly in the aquaculture business.

Overseas expansion is part of the company's strategy to expand its revenue. Its net profit for the second quarter more than tripled, partly due to growth overseas.

The aquaculture business, after an investment of 1.4 billion baht through a wholly owned subsidiary in the Philippines, was scheduled to start in 2010. The remaining investment was in pig farming, it said in a statement.

The company was on track for higher earnings for the second half of this year, it said. It aims for a 2009 net profit of 8 billion baht, more than twice that of 2008.

US$1 = THB34.12 (August 26)