Thailand’s largest meat producer, Charoen Pokphand Foods Pcl (CP Foods), is set to fast-track the initial public offering (IPO) and listing of its largest offshore subsidiary, C.P. Vietnam Corporation. The move aims to secure funding for its expansion plans. Controlled by the Chearavanont family, Thailand’s wealthiest, CP Foods has indicated that Vietnamese authorities are starting to show interest in the proposed IPO, which had previously faced delays, according to CEO Prasit Boondoungprasert in a statement to the media on Wednesday. The company plans to initiate the IPO process once it receives official approval from Vietnamese authorities.
Vietnam accounted for the largest share of CP Foods’ offshore sales last year, contributing 21% or 122 billion baht ($3.6 billion), as revealed in the company’s presentation. China followed as the second-largest market with a 6% contribution.
“Vietnam will be a key driver of our growth in the coming years, thanks to its robust economic expansion and large population,” Prasit stated. “The listing in Vietnam will not only provide new financial resources but also enhance our brand recognition in the region.”
Amid slowing growth and an aging population in Thailand, Southeast Asia’s second-largest economy, CP Foods has ramped up investments in animal feed, farming, and food facilities worldwide. The company currently operates in 18 markets, spanning countries such as the United States, Brazil, Russia, and China.
In 2024, CP Foods reported a profit of 19.6 billion baht, a significant turnaround from a 5.21 billion baht loss the previous year. This recovery was driven by a rebound in its pork businesses in Vietnam and China, marking its highest full-year profit since 2020, according to data.
The company projects a revenue growth of 5% to 8% in 2025, alongside further profit gains from improved earnings, particularly in Vietnam and China.
Regarding the potential impact of the U.S. reciprocal tariff plan, Prasit emphasized that the company’s earnings would likely remain unaffected. This is because CP Foods primarily supplies meat and food products from its own production facilities in the U.S. The company’s U.S. operations contributed approximately $700 million to its total revenue last year.
The Chearavanont family, which controls CP Foods, is estimated to be worth $42.6 billion, making them Asia’s second-richest family. The family’s business interests span a variety of industries, including convenience stores, hypermarkets, real estate, automotive, and telecommunications.
CP Foods’ shares have gained about 5% so far this year, outperforming a 16% decline in Thailand’s benchmark SET Index. On Thursday, the stock remained relatively stable at 24.10 baht.
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