Tuesday, December 18,2018 - 23:59 GMT+7  Việt Nam EngLish 

KIDO acquires controlling stake in Golden Hope Nha Be 

 Wednesday, December 5,2018

AsemconnectVietnam - Food producer KIDO Group has completed procedures to buy a 51% stake in cooking oil producer Golden Hope Nha Be as part of its business expansion in the cooking oil segment.

The acquisition is reportedly part of the group’s strategy to become one of the local leading edible oil producers. However, the value of the deal remains unknown.
Golden Hope Nha Be is a joint venture between Vietnam Vegetable Oils Industry Corporation (Vocarimex) and Sime Darby. It also owns the Marvela and Ong Tao brands, earning annual revenue of some VND1.3 trillion.
Earlier, KIDO had purchased a 51% stake in Vocarimex and then merged it with another major local cooking oil producer, Tuong An. Meanwhile, Vocarimex is holding a 49% stake in Golden Hope Nha Be.
As such, KIDO now indirectly takes the full ownership in Golden Hope Nha Be after the new deal was struck.
The group currently boasts a long list of frozen and dried food products, including ice cream, yogurt, desserts and cooking oil to meet local consumers’ daily needs.
Source: thesaigontimes.vn

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