Thai food group President Food will pay Bt9.9m (US$230,650) to its Cambodian subsidiary in exchange for a 30% stake it has already acquired, according to local media reports.
Thai President Food owns 30% of the registered capital in President Foods (Cambodia), which makes and distributes instant noodles. Its registered capital stands at US$1.5m.
The board of directors of Thai President Foods has approved the payment of Bt9.9m to President Foods (Cambodia), having already paid for the first half of the stake.
Meanwhile, shareholders in Thai President Food have given their go-ahead for a dividend of Bt5.37 to be paid for 2001.