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Charoen Pokphand: Thailand's Largest Agribusiness Conglomerate |
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"I was prepared to use any means to ensure our survival. It felt bad, but I always believed we would get it back tomorrow." - Dhanin Chearavanont, Chairman and CEO, Charoen Pokphand Group (CP), commenting on the group's problems during the 1997 Asian economic crisis.1 "Over the next five years, we plan to concentrate on becoming the world's number one animal-feed producer. And we will not hesitate to step into any other businesses, such as retail, where we can become number one." - Thanakorn Seribuki, Senior Executive Vice President, Chia Tai Group (CP's investment arm in China), in June 2003.2 Chicken Flu - A new Ailment for the Corporate WorldIn late January 2004, the government of Thailand confirmed the outbreak of avian flu 3 in the country. Thailand had earlier denied that this disease was affecting poultry in the country, attributing the death of thousands of chicken in the country from late 2003 onwards, to cholera. However, after three humans were affected by the H5N1 virus (a fatal strain of the flu), the government had to admit the presence of avian flu strains in the country. Share prices of the companies in the industry plummeted on the Thai stock exchange. Charoen Pokphand Group (CP), the largest producer of chicken in Asia, was one of the worst-hit companies in Thailand. Its share price plummeted by 10% to 3.60 baht4 after the government confirmed the presence of the flu in the country. CP also faced allegations that it had supported the government to cover up the news of the epidemic's outbreak, to protect the country's highly profitable poultry export business.
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1] "The Families That Own Asia," Time, February 16, 2004. |
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