Thailand's Charoen Pokphand Foods has reportedly halved its target for annual sales growth on the back of the country's slowing economy.

CP Foods CEO Adirek Sripratak told Reuters the company, which normally sets an annual target for sales to increase 10%, slashed this year's to 5% "because of the impact of the slowing domestic economy on consumption".

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CP Foods said this week it would spend up to THB10bn ($279 billion) buying back its shares. The company has also earmarked capital expenditure of THB20bn for the year, but Adirek told Reuters, the share repurchase would have no impact on capital spending.

Earlier this week, the food giant and Australian meat company Thomas Foods International confirmed plans for an "advanced food processing centre" in South Australia.

CP Foods could not be reached for comment at time of press.

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