Charoen Pokphand Foods (CP Foods) says all of its executives who recently traveled to the United Kingdom to negotiate a deal to acquire a financial interest in Tesco have not contracted COVID-19, despite the fact that a financial adviser who helped them work out the deal died of the virus.
Pakpoom Vallisuta, chairman of financial adviser group Quant Group, died after being infected with the virus. He was 58.
“I can say that I lost one of my best friends and (the) Thai society lost a person of real potential,” CP Group CEO Suphachai Chearavanont told the Bangkok Post.
Following the meeting with leaders of multinational retail grocery chain Tesco in the U.K., CP Foods’ business delegation traveled back to Thailand on March 9. However, CP Group said Vallisuta was on a different flight back to Thailand.
The company reported that after learning Vallisuta had become infected, all of CP Foods’ employees that went to the U.K. were tested and the results came back negative. However, all who were tested are under self-quarantine for 3 weeks.
The board of CP Foods -- which is the largest animal feed company, fourth largest egg company and sixth largest poultry company in the world -- recently approved a measure to acquire up to 20% of the total issued shares of Tesco Asia Group, which is a leading retailer under the Tesco Lotus brand in Thailand and Malaysia.
CP Foods’ investment in Tesco Asia is aimed to further strengthen its value chain in term of distribution channels in Thailand and Malaysia and enhancing the range of consumer options in this space.
CP Foods said the venture with Tesco should boost sales for both companies. Tesco Asia has already been consistently reporting strong operating results, and the retailer’s team have adapted well to changes in the business environment.
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