KIDO Group divests its stake in KIDO Frozen Foods Joint Stock Company - Photo: KIDO
The Board of Directors of KIDO Group Joint Stock Company (KDC) has passed a resolution regarding the divestment of its remaining stake in KIDO Frozen Foods Joint Stock Company (KIDO Foods - KDF).
Specifically, KIDO plans to transfer nearly 36.34 million shares, equivalent to 49% of KDF's charter capital, to Nutifood Nutrition Food Joint Stock Company or a legal entity designated by Nutifood.
The transfer value for this transaction is estimated at approximately 2,500 billion VND. Previously, the transaction plan was approved by KIDO shareholders through a written opinion poll on December 12th.
To implement the transaction, Chairman of the Board Tran Kim Thanh was authorized to directly conduct negotiations and sign the necessary documents to complete the transfer process in accordance with regulations.
Alongside this divestment plan, KIDO is also completing the legal procedures related to the transfer of 24.03% of KDF's capital, which was carried out in 2023, to Nuti Investment Co., Ltd.
This legalization is seen as a step to definitively resolve the legal outstanding issues from the previous period, thereby creating conditions for Nutifood to officially take control of all operations at the company.
A notable point in the transaction structure is the rearrangement of intellectual property ownership. Accordingly, KIDO will terminate the trademark transfer agreements signed in 2022.
Simultaneously, procedures were carried out to re-establish ownership of 34 trademarks - including key brands such as Merino and Celano - along with 7 trademark applications, transferred from the group back to KIDO Foods.
As a result, the transferee will own the entire production and distribution system, as well as the core brands of the business.
Regarding its financial plan, KIDO announced that the payment of cash dividends for 2024 will be postponed to the first quarter of 2026.
According to the management, in the context of an economy projected to continue facing cost pressures and high levels of competition in 2025, the group prioritizes allocating resources to its core business activities.
The proceeds from the divestment of the ice cream business are expected to be used to supplement working capital and support the strategy of expanding into new areas.
Previously, KIDO shareholders approved the addition of several business lines, including real estate, mobile restaurant and catering services, and entertainment activities.
KIDO's business performance
In terms of business results, in the first nine months of the year, KIDO recorded net revenue of VND 6,568 billion, an increase of 14% compared to the same period last year. After-tax profit reached VND 126 billion, 2.3 times higher than the same period.
As of September 30th, KIDO's total assets reached VND 13,074 billion, a slight decrease of 3% compared to the beginning of the year. Cash and cash equivalents decreased sharply from VND 1,352 billion to VND 607 billion, while outstanding loans increased by 6%, reaching VND 5,797 billion.
On the stock market, KDC shares have been trending positively in recent days, closing the trading session on December 18th at 52,300 VND per share.
Source: https://tuoitre.vn/kido-rut-lui-khoi-mang-kem-thu-ve-2-500-ti-dong-20251218154040715.htm
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