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Kido Group to manage Hung Vuong Plaza in Q3

By Le Hoang

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HCMC – KIDO Group (HOSE: KDC) will manage Hung Vuong Plaza in District 5 in the third quarter of this year, CEO Tran Le Nguyen announced at the company’s annual general meeting fo shareholders held today, June 19.

Parkson Vietnam, which operated the Hung Vuong Plaza since 2007, in April last year filed for bankruptcy to the HCMC People’s Court after years of losses in the Vietnamese market.

As a result, the company had to return the premises of the shopping mall to Hung Vuong JSC, where KIDO Group will hold a combined stake of 77% in the third quarter, according to Nguyen.

The company plans to pay a cash dividend of 12% this year, meaning shareholders will get VND1,200 for every share held.

Besides, the firm set ambitious targets for 2024, aiming for a 50% year-on-year increase in revenue to VND13 trillion and a 2.5-fold rise in pre-tax profit to VND800 billion.

Closing the trading session today, June 19, KDC extended its losing streak to the fifth consecutive session with a 2.01% decline to VND58,400 per share, with 841,000 shares changing hands.

The benchmark VN-Index closed nearly unchanged on Wednesday, despite a recovery in several blue-chip stocks within the VN30 basket.

In morning trade, the VN-Index initially rose slightly but then fell due to a sell-off, falling to around 1,270 points.

In the afternoon session, buying increased, helping the VN-Index recover. The index briefly surpassed the morning’s high, reaching above 1,284 points before losing momentum.

The VN-Index gained 0.29 points, or 0.02%, at 1,279.79, with 184 winners and 246 losers. There were over one billion shares valued at VND25.97 trillion being matched on the southern exchange, up by 25% in volume and 15% in value over the previous session. Block deals contributed 237 million shares worth VND5.2 trillion.

FPT increased the highest among the 30 largest-cap stocks, inching up by 2.73% to VND131,500 per share, with a trading volume of 9.67 million shares.

VPB also recovered, closing up by 2.15% at VND19,000 per share, with the highest trading volume on the southern market at 51.39 million units.

Three other bluechip advancing above 1% were MWG, PLX, and STB. On the other hand,, SAB was the steepest decliner as it fell 2.52% to VND62,000.

The HNX-Index dropped 0.86 points, or 0.35%, to 243.57 points, with 86 stocks rising and 94 others dipping. Trading volume on the Hanoi Stock Exchange reached 71.2 million shares valued at VND1.4 trillion.

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