HCMC – KIDO Group, which trades its KDC shares on the Hochiminh Stock Exchange, has increased its stake in Tho Phat Food Processing Company from 25% to 68%.
The consumer goods company announced the increase of its ownership in Tho Phat on October 10, which is part of KIDO’s plan to expand its retail network.
The deal was finalized in June 2023. KIDO wants to transform Tho Phat into a “National Kitchen,” catering to diverse consumer needs and aiming for export to at least 30 foreign markets.
Tran Le Nguyen, co-founder and vice board chairman of KIDO, said that the 68% ownership in Tho Phat represents a major leap forward for the company. Tho Phat will play a pivotal role in KIDO’s broader strategy to establish itself as a dominant player in the food industry, both domestically and internationally.
As a part of KIDO Group, Tho Phat will undergo comprehensive restructuring. This will involve enhancements in technology, systems, branding, and market positioning, all in alignment with KIDO’s standards. The objective is to leverage KIDO’s competitive advantages for increased efficiency and a more significant market impact.
KDC stayed at its reference price of VND63,500 per share at the close today, October 11, with a trading volume of over one million shares.
The VN-Index of the Hochiminh Stock Exchange moved sideways as it improved a slight 0.62%, or 7.12 points, to close at 1,150.81 points, with 265 winners and 213 losers.
Trading volume and value plunged by 19% and 20%, respectively, over the previous session, with 543 million shares valued at nearly VND12.2 trillion. Block deals contributed around VND1 trillion to the overall value, with 46.4 million shares.
Securities stock SSI took the lead by liquidity with a matching volume of more than 23.5 million shares, soaring 4% to VND34,000 per share.
The Hanoi Stock Exchange saw 98 advancers and 52 decliners. The HNX-Index rose 2.83 points, or 1.21%, to 237 points, with a trading volume of 92.1 million shares worth nearly VND1.9 trillion.
Source: The SaigonTimes