Kido completes Vocarimex stake acquisition
Thursday, May 25,2017AsemconnectVietnam - Kido Corporation (KDC) on May 23 announced the completion of its acquisition of nearly 32.9 million shares from Vietnam Vegetable Oils Industry Corporation, also known as Vocarimex with the stock code VOC.
With a controlling stake in Vocarimex, Kido also holds stakes in many large oil companies in the country. It is because Vocarimex is a leading player in the edible oil industry, with a network of subsidiaries and affiliates with a large market share such as Tuong An Cooking Oil Joint Stock Company (TAC), Cai Lan Oils and Fats Industries Company, Golden Hope Nha Be Edible Oil Company, and Tan Binh Vegetable Oil Joint Stock Company (Nakydaco).
Kido now directly and indirectly owns 92% of Tuong An, a leading enterprise in the cooking oil market with annual revenue of about VND4 trillion.
Tuong An has two factories, with one in Ba Ria-Vung Tau Province and the other in Nghe An Province, plus a strong distribution network. CEO Tran Le Nguyen of Kido is now board chairman of this company.
As such, Kido has quickly secured a major share in the edible oil and refrigeration sectors via M&A only three years after its withdrawal from the confectionery industry.
In the refrigeration industry, Kido Foods (KDF) takes charge of the frozen food division of Kido. KDF has a plant in HCMC and another in Bac Ninh Province with a designed capacity of 50 million liters per year, including 25 million liters of ice cream and 25 million liters of yogurt.
After more than 13 years of development, KDF now holds the largest share of the local ice cream market with 35% (2016 data). Before its transformation into a joint-stock company in 2016, KDF operated as a limited liability company wholly owned by Kido.
After the plan to launch KDF shares on the stock market in 2017 is actualized, Kido will keep a 65% stake in this company.
Source: thesaigontimes.vn
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