Charoen restructures chicken division

PT Charoen Pokphand Indonesia (CPIN) Tbk has acquired chicken processing facilities from its 99.96% subsidiary PT Primafood International for Rp33.35 billion. Primafood will focus on distribution of processed products.

CPIN told IDX this morning that the processing facilities acquired are located in Kutowinangun village, Salatiga Regency, Central Java. CPIN stock unchanged at Rp2050 this morning. At that price, CPIN has market cap of Rp6.72 trillion or about US$716 million. CPIN had total asset of Rp5.3 trillion as of Sept 2009 and net equity of Rp2.4 trillion.

CPIN reported sales revenue of Rp10.69 trillion in nine months of 2009, increased from Rp9.98 trillion in the same period of 2008. CPIN booked net profit of Rp1.09 trillion, surged 173% from Jan-Sep 2008.

Its sister company CP Prima (CPRO), meanwhile, has been in various disputes with bondholders.

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