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Thai Chicken Exporter Invests in Philippines

25 August 2009

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

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

The aquaculture business, after an investment of THB 1.4 billion 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 THB 8 billion, more than twice that of 2008.

ThePoultrySite News Desk

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