Food producer KIDO Group reported on Tuesday that it has increased its holding in the Viet Nam Vegetable Oils Industry Corporation Joint Stock Company (VOC) from 24 per cent to 51 per cent. On Monday the company bought nearly 32.9 million shares of VOC through negotiated trading, and now owns 62 million shares.
“KDC has followed the trading for three years,” the company said.
KIDO began to acquire VOC shares in 2014, buying 24 per cent then. At an extraordinary shareholders meeting in November that year KDC expressed its ambition to have a controlling stake.
Last November KIDO also became a majority shareholder of Tuong An Vegetable Oil Company.
It has told the media it would continue to be active in mergers and acquisitions in the food industry, and is in talks with foreign partners for the purpose.
Last year Tuong An’s revenues were nearly VND4 trillion ($175 million) and VOC’s was over VND4.1 trillion.
KDC Foods’ revenues were worth VND1.4 trillion ($61.4 million).
KDC used to be a confectionery manufacturer before selling its snack business to a foreign company in 2014 and entering the food sector.
Its products now include cooking oil, coffee and instant noodles.