CP Foods slashes investment budget by a third

BANGKOK: Charoen Pokphand Foods Pcl, Thailand’s largest agri business company, said it would slash its five-year investment budget by a third to around US$1.6bil and pare back revenue targets as its foreign farms were performing below expectations.

The plans, which include a renewed focus on cutting debt, represent a less aggressive stance from CP Foods, one of several major Thai firms that has bought up overseas assets in the past few years, emboldened by record stock prices and armed with cheap loans.