Thailand’s Charoen Pokphand Foods has acquired an 80% stake in Sri Lanka’s ready-to-eat food manufacturer Norfolk Foods for US$4m.
The Thai meat giant said in a statement to the Stock Exchange of Thailand that it had also secured the right to acquire the remaining 20% of Norfolk from existing shareholders on each second, third, and fourth anniversary of the first transaction date.
The acquisition was made through CP Foods’ wholly-owned subsidiary CPF Investment Ltd from Expolanka Holdings, Habeeb Mohamed Ziauddin and Hamzathul Zareeha Ziauddin.
Norfolk, incorporated in Sri Lanka in 1994, is a manufacturer and distributor of ready-to-eat food products including samosas, processed chicken and meat stuffed with cheese and sausages under the Crescent trademark. The company has a 21% share of Sri Lanka’s ready-to-eat food products market.
CP Foods told just-food earlier this month that CPF (India) Pvt Ltd was negotiating to supply fast-food chicken chains after opening a new chicken processing plant in India’s southern state of Andhra Pradesh.