Monday , December 5 2022

Food producer KIDO sells stake in cooking oil company


Major food producer KIDO has divested its entire stake in Cai Lan Oils and Fats Industries Company, the producer of cooking oil brands like Neptune, Simply and Meizan.

Vocarimex, a KIDO subsidiary, has sold its 24% stake in the company for VND2.158 trillion (US$87 million) to Siteki Investment belonging to Singaporean food processing company Wilmar International.

Cai Lan, established in 1996 as a joint venture between Vocarimex and Siteki, has two cooking oil plants with a total capacity of 2,300 tons a day in HCMC and the northern province of Quang Ninh.

Consumers check out cooking oils at a supermarket in HCMC’s District 1 in March. Photo by VnExpress/Thanh Nguyen

Consumers check out cooking oils at a supermarket in HCMC’s District 1 in March. Photo by VnExpress/Thanh Nguyen

After the divestment, Kido owns only one cooking oil brand, Tuong An, produced by its subsidiary Tuong An Vegetable Oil Joint Stock Company.

SSI Securities Corporation said the cooking oil business still has room for growth since KIDO has a large distribution network with about 450,000 outlets.

It added that KIDO’s cooking oil sales would increase by 6.5% next year and profits by 18.4% as against 15% this year.

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