Food producer KIDO Group has raised its foreign ownership cap from 49 percent to 100 percent, according to a proposal approved recently by the State Securities Commission (SSC).
KIDO raised its foreign ownership cap to 100 per cent to allow for more foreign investment. (Photo: VNA)
Hanoi (VNA) - Food producer KIDOGroup has raised its foreign ownership cap from 49 percent to 100 percent,according to a proposal approved recently by the State Securities Commission (SSC).
The information was revealed in a document sentto the Ho Chi Minh Stock Exchange and the Vietnam Securities Depository (VSD)on December 20.
The removal of foreign ownership cap was passedat the company’s annual shareholders’ meeting this year.
At the meeting, CEO Tran Le Nguyen said manypartners were interested in KDC shares and the group wanted to open more roomfor foreign investors and investment funds.
KIDO recently acquired 51 percent of cooking oilproducer Golden Hope Nha Be (GHNB), a joint venture company between Vocarimexand Sime Darby with a chartered capital of 69 billion VND (2.95 million USD).Vocarimex is a member company of KIDO Group that holds a 49 percent stake inGHNB. This means that following the GHNB acquisition, KIDO now owns 100 percentof shares in GHNB.
In the first nine months of the year, KIDOreported net sales of 5.7 trillion VND, up 12.6 percent year on year. It madeafter-tax profit of 87.6 billion VND, an 83.2 percent decrease.-VNA
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KIDO raised its foreign ownership cap to 100 per cent to allow for more foreign investment. (Photo: VNA) 
