Kido completes the purchase of 51 per cent of Golden Hope Nha Be

16:19 | 30/11/2018
Acquiring Golden Hope Nha Be Edible Oils Co., Ltd. will help Kido Corporation (Kido) realise its plan to become the leading food manufacturing and processing firm in Vietnam. 
kido completes the purchase of 51 per cent of golden hope nha be
Kido now holds 100 per cent of Golden Hope Nha Be

Kido has wrapped up the purchase of 51 per cent stake in Golden Hope Nha Be which is a 51-49 joint venture company between Sime Darby Plantation from Malaysia and Vocarimex (a Kido subsidiary). After the purchase, Kido increased its holding in Golden Hope Nha Be to 100 per cent.

Golden Hope Nha Be currently has a charter capital of VND69.26 billion ($3.01 million). It is one of the leading cooking oil manufacturers in Vietnam with the revenue of VND1.3 trillion ($56.5 million). It is known for its Marvela and Ong Tao brands, among others.

Kido general director Tran Le Nguyen stated that the firm will utilize its financial potential and management experience to restructure the operations of Golden Hope and turn a profit.

Nguyen added that Golden Hope’s case is similar to Tuong An Vegetable Oil JSC. After being merged with Kido, Tuong An got a new lease on life with increases in both revenue and profit.

Previously, Nguyen released that Kido has completed negotiations for the purchase of a food manufacturing and processing firm which has an annual revenue of VND1.6-2 trillion ($69.6-87 million). In late May 2017, the company wrapped up the purchase of more than 32.8 million shares of Vocarimex, increasing its total stake to more than 62.1 million, equal to 51 per cent.

Besides, in November 2016, Kido spent more than VND1 trillion ($43.5 million) on buying 65 per cent of Tuong An Vegetable Oil JSC.

According to the financial statement of Kido, in the third quarter of this year, the company acquired VND1.93 trillion (83.9 million) in net revenue, down VND200 billion ($8.7 million) on-year. Besides, its pre-tax profit decreased by 59 per cent from VND91.7 billion ($3.99 million) to VND37.3 billion ($1.62 million).

The group reported that the decrease in revenue from the ice-cream and yogurt segment was the reason behind the decrease in net revenue and pre-tax profit.

The accumulated revenue in the first nine months of this year saw a decrease by 14.2 per cent on-year.

By Ha Vy

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