Vietnam's oldest confectionery company is being sold, shares are about to leave the stock exchange

After five years of quiet after the civil war, Bibica was taken over by a foreign corporation; shares of Vietnam's oldest listed confectionery company are about to leave the stock exchange after 24 years.

Indonesian consumer goods group Sari Murni Abadi (SMA) – owner of snack brand Momogi, said it has completed the acquisition of Bibica Joint Stock Company.

SMA expects the merger to help expand its product portfolio from snacks to biscuits, cakes and other confectionery lines, while enhancing distribution capacity, product innovation and promoting exports.

The value of the deal has not been disclosed by the parties involved.

Bibica went through a 10-year long "civil war" before returning to PAN Group and then falling into the hands of foreign enterprises.

Bibica is one of the leading confectionery manufacturers in Vietnam, owning a distribution network of more than 100,000 points of sale and 3 factories in Long An (now Tay Ninh), Dong Nai and Hanoi. Each year the company can supply the market with more than 20,000 tons of confectionery.

This brand's confectionery products have been exported to many international markets such as Japan, Korea and the US.

Bibica Joint Stock Company (BBC) belongs to the ecosystem of PAN Group Joint Stock Company (PAN Group), with a 98.3% ownership ratio, equivalent to 18.4 million shares held by BBC.

On November 3, PAN Group also approved the decision to establish Bibica Capital LLC, with a charter capital of nearly VND 1,650 billion, operating in the field of financial service support and management consulting, headquartered in Ho Chi Minh City.

This company received capital contribution in the form of all 18.4 million BBC shares that PAN is holding, equivalent to a value of more than VND 1,640 billion according to the average market price of 30 consecutive sessions before October 30 (from September 19 to October 30) of VND 89,237/share.

According to PAN Group, the capital contribution will be made within 90 days from the date Bibica Capital is granted a business registration certificate.

Mr. Dinh Tien Hoang, General Director of Bibica, is the representative of 100% of the capital contribution and the legal representative at Bibica Capital.

Previously, Bibica held an extraordinary General Meeting of Shareholders, approving the cancellation of business registration of a number of industries; cancellation of public status and cancellation of securities registration. At the same time, it adjusted the profit distribution ratio, paying 2024 dividends of 20% in cash to shareholders.

Thus, BBC shares will be delisted from the Ho Chi Minh City Stock Exchange after nearly 24 years of listing.

The delisting comes from PAN Group, which currently holds 98.3% of Bibica’s capital, equivalent to more than 18.4 million shares. This almost absolute ownership ratio makes Bibica no longer meet the minimum standards to maintain its public company status. Specifically, 10% of voting shares must be held by at least 100 small investors, according to the amended Securities Law in 2024.

Bibica is one of the first enterprises listed on the stock exchange since the early 2000s.

Since the end of June, BBC's stock price has increased by more than 50%, although the company's free float rate is very low. Liquidity has been quite limited over the years, with an average of only over 2,200 shares per session in the last 10 sessions.

Previously, Bibica had experienced a notable "civil war" of acquisition between Lotte Confectionery Company (part of Lotte Group, Korea) and a group of internal shareholders and Saigon Securities Company (SSI).

Bibica's predecessor was Bien Hoa Confectionery Joint Stock Company, established in 1993 on the basis of equitization of three factories: cakes, candies and malt. In 2001, the company was officially listed on the Ho Chi Minh City Stock Exchange (HOSE). In 2007, the company equitized again and changed its name to Bibica Joint Stock Company (BBC).

Bibica is one of the first listed companies on the Ho Chi Minh City Stock Exchange, with a charter capital of about VND187 billion. The company is also the first unit in the Vietnamese confectionery industry to be granted ISO 9001 certification by BVQI (UK).

In the same year 2007, Bibica signed a strategic cooperation agreement with Lotte Group (Korea), under which Lotte supports Vietnamese enterprises in technological innovation, product development, sales and marketing, contributing to expanding the scale of operations and improving competitiveness in the market.

In 2008, the company transferred 30% of its shares to Lotte Confectionery Company, a member of Lotte Group.

However, the cooperation process gradually arose conflicts. Lotte continuously increased its ownership ratio and revealed its intention to change Bibica's name to Lotte-Bibica, when it asked Bibica to produce products under this brand.

The period 2012-2013 was a period of internal tension within Bibica when conflicts continuously occurred. Investment and operational activities at Bibica almost stagnated during these 2 years.

Bibica General Director Truong Phu Chien, worried that the brand would be acquired, sought a strategic counterweight to balance power in the shareholder structure.

PAN Group entered the market in 2015 with a 35% ownership ratio, and by 2017 increased its ownership ratio to 50.07%, becoming the controlling shareholder.

Each year this company can supply the market with more than 20,000 tons of confectionery and export to many countries.

In early 2021, Lotte sold all its shares in Bibica, officially withdrawing from this confectionery company after 13 years of investment.

In 2022, PAN will make a public offering, spending about VND 524 billion to increase its holding ratio to 98.3%, ending the long-standing tug-of-war between shareholders for many years, making Bibica a subsidiary in its ecosystem.

Under PAN's management, Bibica has gradually maintained stable production and business activities. The company's 2024 financial report shows that its revenue reached more than VND 1,780 billion, with a profit after tax of about VND 120 billion. In the first 9 months of 2025 alone, Bibica had a revenue of VND 1,127 billion, a profit after tax of more than VND 70.9 billion, an increase of more than 25% in revenue and more than 17% in profit over the same period.

The company plans to achieve 2,000 billion VND in revenue and 134 billion VND in pre-tax profit by 2025.

Ha Linh

Source: https://vtcnews.vn/hang-banh-keo-lau-doi-nhat-viet-nam-bi-ban-co-phieu-sap-roi-san-chung-khoan-ar985636.html