BANGKOK, July 25 (Reuters) - Thailand’s top agro-business conglomerate, Charoen Pokphand Foods (CPF), said on Wednesday it had no plans to raise funds through an equity issue, saying it had enough cash to expand its business.
CPF shares dropped to an eight-month low on Wednesday, mainly due to rumours about a possible equity issue and concern about the impact of drought in the United States, which has pushed up the price of feedmeal.
“We have no plan to do any such thing,” the company said in a statement, referring to the rumour about the capital raising, and it said it expected limited impact from the drought.
CPF plans to raise 12 billion baht through a bond issue this week.
The stock closed down 3 percent at 31.75 baht after hitting a low of 31 baht. The broad index was 0.08 percent higher. (Reporting by Khettiya Jittapong; Editing by Alan Raybould)