Pakpoom Vallisuta, chairman of the Quant Group and a financial adviser for CP Group, has passed away from coronavirus infection. Four weeks ago, Pakpoom was one of the executives who traveled to the United Kingdom to close down the US$10.6 billion deal to takeover Tesco’s businesses in Asia.
The government said on Wednesday that one person died after contracting coronavirus while overseas.
According to local reports, other executives that have traveled on the same trip were also infected by the virus, including Tesco’s CFO, Sime Darby’s CEO and Central Retail Corporation (CRC)’s CFO.
Sime Darby’s CEO, Datuk Jeffri Salim Davidson, was reported to be under quarantine after testing positive for Covid-19 since March 19. Neither Tesco nor CRC have yet to confirm nor deny that their executives have been infected by the virus.
Charoen Pokphand Foods (CPF) has denied that its CFO, Paisan Chirakitcharern, traveled to London for the deal. Although the company reported a Covid-19 case on the 31st floor, which is an executive floor of TRUE Tower on Ratchadapisek road.
The widely reported news prompted TRUE to announce ‘work from home’ after the incident.
CP has also expressed condolences and said they would take all precautions to protect their staff.
The three groups that were bidding for the deal were: CP Group owned by the Chearavanont family, TCC Group owned by the Sirivadhanabhakdi family and Central Group owned by the Chirathivat family.
The Tesco deal was done through CP Retail Development, while the acquiring entity is 100 per cent held by CP Retail Holding. CP Merchandising, a subsidiary of CPF, now holds 20 per cent, Charoen Pokphand Holdings directly holds 40 per cent, and CP All holds the rest of the 40 per cent.
According to CPF and CP All’s statements to the Stock Exchange of Thailand, the acquiring entity entered into the agreement with Tesco Holdings Ltd and Tesco Holdings BV on March 9. THL holds 86.9 per cent in Tesco Stores Thailand while THBV owns 70 per cent in Tesco Stores Malaysia Sdn Bhd. Sime Darby Allied Products Bhd also owns another 30 per cent stake in Tesco Stores Malaysia, which is why its CEO was there at the deal.
Pakpoom spent his first five years as an engineer at UNOCAL and later at Hewlett-Packard before he co-founded the Quant Group in 1998. He began his career in financial services in 1990 as an investment analyst at Smith New Court, an affiliate of N. M. Rothschild. He later (1992) joined Nomura Research Institute Hong Kong Limited as its chief market strategist & head of research for the Thai market.
He held a Computer Engineering degree and an MBA from Duke University’s Fuqua School of Business. He was also teaching an MBA program on Investment Banking and Financing at the Assumption University and he was a frequent guest lecturer at graduate business schools at Harvard, Wharton, Duke, The University of Chicago, and MIT.
Our thoughts are with his family during this time.
