Sunday , August 14 2022

Confectionery maker KIDO to sell treasury shares

Major food producer KIDO is seeking to sell out its treasury stocks to raise working capital.

The 28 million shares it holds, equivalent to a 10.05-percent stake, are expected to fetch VND1.78 trillion (US$76.98 million) at the closing price on Monday.

In the last two weeks the price has soared by 27 percent to VND63,500, exceeding securities companies’ forecasts.

KIDO’s revenues in the first quarter rose by 24 percent to VND2.9 trillion, thanks to an expansion in promotional and manufacturing activities.

But post-tax profits fell 10 percent to VND120 billion due to rising costs of goods sold and management.

KIDO is the leading producer of cooking oil in Vietnam with a 39 percent market share.

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