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Saturday, November 26, 2022

Kido establishes cooking oil company in Mekong Delta

The Saigon Times

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HCMC – Kido Group, whose KDC shares are traded on the Hochiminh Stock Exchange, has passed a plan to set up a new firm mainly operating in cooking oil production, named Kido Long An Co., Ltd.

The new company will be headquartered in the Mekong Delta province of Long An, with a charter capital of VND250 billion. It will also operate in processing and preserving fishery, vegetable, and dairy products.

KDC will assign Tran Kim Thanh, board chairman at Kido Group, to hold the stake of Kido Group in the new company from October 5 and serve as board chairman at Kido Long An.

Kido Group in the first half of 2022 posted over VND6.3 trillion in revenue and nearly VND313 billion in after-tax profit, up 30% and down 9% against the same period last year, respectively.

In 2022, Kido targets VND14 trillion in revenue and VND720 billion in after-tax profit.

Closing the trading session today, KDC fell 0.78% to VND63,800 amidst the widespread bearish mood on bourse.

The benchmark VN-Index of the Hochiminh Stock Exchange shed 38.61 points, or 3.59% against the previous session at 1,035.91, with decliners outnumbering advancers by 440 to 52.

Turnover soared 60.7% in volume and almost 53% in value over the session earlier at more than 877 million shares and over VND16.9 trillion, with over 88 million shares traded in block deals worth around VND2.7 trillion.

In the VN30 basket, only four stocks, including low-cost carrier VJC, brewery firm SAB, housing developer VHM, and real estate firm VIC bucked the market downtrend, up around 0.5% each. The remaining 26 stocks in the basket encountered steep falls, especially eight of them closing at their floor prices.

The downtrend was also reported on the northern bourse.

The HNX-Index of the Hanoi market lost 9.04 points, or 3.84%, day-on-day at 226.09, with 31 winners and 184 losers. Over 83 million shares valued at about VND1.2 trillion changed hands, surging 65% in volume and some 38% in value.

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