| Confectionery giant KIDO plans to sell remaining 20 pct stake in snack unit |
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6/20/2016 9:53:05 AM KIDO Corp. (formerly Kinh Do Corp.) plans to sell its remaining stake in its snack business to a foreign company this year, local media reported Friday. The negotiation process is underway, news website Saigon Times Online cited KIDO’s Chairman Tran Kim Thanh as saying. KIDO Corp., headquartered in Ho Chi Minh City, produces confectionery products including biscuits, buns, snacks, cakes, mooncakes, ice cream and yogurt under the brand names of Kinh Do, AFC, Cosy, Solite, Merino, Wel Yo and others.
It also produces instant noodles, cooking oil and soy sauce.
In November 2014, the company sold 80 percent of its snack business to US’s Mondelez International Inc., the maker of Oreo cookies and Ritz crackers, for US$370 million.
KIDO expects to achieve revenue of VND1.8 trillion ($80.8 million) and profit before tax of VND1.5 trillion ($67.3 million) this year, according to Saigon Times Online. |
| thanhniennews.com |