Vietnam Digest: Vinafood 2 to trade on UPCoM; KIDO to buy 51% in Golden Hope

Vietnam Southern Food Corporation (Vinafood 2) will trade on UPCoM with a total 114.8 million shares while food major KIDO Group plans to acquire 51 per cent stake in cooking oil producer Golden Hope.

Vinafood 2 to trade on UPCoM

Vietnam Southern Food Corporation (Vinafood 2) will trade on UPCoM under code VSF with a total of 114.8 million shares priced at VND10,100 ($0.4) apiece on April 23, according to an announcement from Hanoi Stock Exchange.

Under the equitization plan, Vinafood 2 would sell a portion of its capital to reduce the state ownership to 51 per cent. The company conducted a sale of 23 per cent stake, which brought VND1.16 trillion ($51 million) to the government in its initial public offering (IPO) in Ho Chi Minh City Stock Exchange on March 14.

The auction attracted 41 investors, including 40 individual investors and one organization, for the 114.83 million shares on offer. The highest bid value reached VND12,000 ($0.53) per share. The proceeds were in line with the government’s expectation.

After IPO, it will sell another 25 per cent to strategic investors.

Vietnam-based multi-sector firm T&T Group was earlier reported to have acquired a 25 per cent strategic stake in IPO-bound Vinafood 2. With the price for the strategic stake sale expected to at least match the IPO starting price of VND10,100 ($0.45) per share, T&T Group may have had to pay at least VND1.26 trillion ($56 million) to purchase the 25 per cent stake.

KIDO to acquire 51% edible oil producer Golden Hope 

One of Vietnam’s leading food firms KIDO Group – previously known as Kinh Do Corporation – plans to acquire 51 per cent stake in cooking oil producer Golden Hope, which is 49 per cent owned by the Vietnam Vegetable Oils Industry Corporation (Vocarimex).

KIDO Group CEO Tran Le Nguyen told local media that this is part of the group’s M&A strategy this year. Currently, KIDO holds 30 per cent market share in the segment and targets to lead the Vietnamese edible oil space in the next few years.

The group is also looking to enter the bottled water and noodle markets in partnership with a Thai investor to tap Vietnam’s $11-billion fast-moving consumer goods market.

KIDO Group, which sold out its snack business to Oreo maker Mondelez for $460 million, focuses on three main consumer products: frozen food – primarily ice cream, instant noodle, and vegetable oil.

Also Read:

Vietnam government raises $51m from Vinafood 2’s IPO

T&T Group seeks to acquire 25% of Vietnam’s rice exporter Vinafood 2

Vietnam: Kido Frozen Foods to list at $132m valuation

 

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.