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BANGKOK, July 24 (Reuters) - Charoen Pokphand Foods PCL (CPF) CPF.BK , Thailand's largest meat and animal feed producer, on Thursday said it planned to sell 25 percent of C.P. Pokphand Co Ltd 0043.HK to Japan's Itochu Corp 8001.T for 27.4 billion baht ($860 million).
CPF in a statement said parent Charoen Pokphand Group, owned by Thai billionaire Dhanin Chearavanont, will hold 50.43 percent of Hong Kong-listed C.P. Pokphand after the sale. ID:nSETkk0C7a
Proceeds from the sale will be used mainly to repay debt, CPF said.
CPF Chief Executive Adirek Sripratak in March said CPF planned to reduce its holding of C.P. Pokphand to help lower its net debt to equity ratio to below 1 over the next three years.
($1 = 31.8300 Thai Baht)
(Reporting by Khettiya Jittapong; Editing by Christopher Cushing)
((khettiya.jittapong@thomsonreuters.com; 66 2 648 9728; Reuters Messaging: khettiya.jittapong.thomsonreuters.com@reuters.net))
Keywords: CHAROEN POK FOOD ITOCHU/