KIDO raised its foreign ownership cap to 100 per cent to allow for more foreign investment. (Photo: VNA)
 
Hanoi (VNA) - 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).

The information was revealed in a document sent to the Ho Chi Minh Stock Exchange and the Vietnam Securities Depository (VSD) on December 20.

The removal of foreign ownership cap was passed at the company’s annual shareholders’ meeting this year.

At the meeting, CEO Tran Le Nguyen said many partners were interested in KDC shares and the group wanted to open more room for foreign investors and investment funds.

KIDO recently acquired 51 percent of cooking oil producer Golden Hope Nha Be (GHNB), a joint venture company between Vocarimex and 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 in GHNB. This means that following the GHNB acquisition, KIDO now owns 100 percent of shares in GHNB.

In the first nine months of the year, KIDO reported net sales of 5.7 trillion VND, up 12.6 percent year on year. It made after-tax profit of 87.6 billion VND, an 83.2 percent decrease.-VNA