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Thursday, June 13, 2024

KIDO wants to acquire Tho Phat Company

The Saigon Times

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HCMC – KIDO Group, which trades its shares on the Hochiminh Stock Exchange under the code KDC, plans to acquire Tho Phat Food Processing Company.

The plan comes with two stages. In the first stage, KIDO would buy a 25% stake in Tho Phat and the second stage will see its ownership rising to between 51% and 70%.

This is part of KIDO’s plan to diversify its product portfolio, become one of the leading essential food manufacturers in Vietnam, and expand to global markets, said Tran Le Nguyen, vice board chairman and CEO of KIDO.

He will take charge of negotiating and making decisions regarding the acquisition.

“We look to obtain VND2 trillion in revenue and VND200 billion in profit from Tho Phat’s and KIDO’s sales in 2023, which would contribute greatly to the corporation’s total revenue and profit this year,” he noted.

Tho Phat is a leading dumpling manufacturer in Vietnam. It has over 4,000 sales points nationwide and a factory covering 22,000 square meters in HCMC.

Closing the trading session today, April 19, KDC stayed at its reference price for the second day at VND62,100 per share and reported a matching volume of over one million shares.

On the HCMC bourse, market breadth was negative as losers outnumbered winners by 271 to 115. The VN-Index slid 6.04 points, or 0.57%, from the session earlier, at 1,048.98 points.

Around 569.7 million shares worth VND9.7 trillion changed hands, slightly higher than yesterday’s session, including 73.4 million shares valued at VND1.1 trillion traded in block deals.

Lender SHB took the lead by liquidity, with over 34.1 million shares traded, followed by real estate stocks NVL and DIG with 33.9 million and 24.5 million shares, respectively.

The HNX-Index of the Hanoi exchange lost 2.4 points, or 1.15%, from the session earlier, at 205.85, with 62 advancers and 92 decliners.

Trade on the northern bourse amounted to 944 billion with 64.4 million shares traded, slumping 34.6% in volume and 32.5% in value against the previous session.

The five most traded stocks on the Hanoi exchange performed poorly today, with SHS taking the lead with more than 16.4 million shares changing hands. Trade of other stocks, namely CEO, MBS, IDJ, and PVS, ranged from 2.7 million to 5.2 million.

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