Hùng Vương Plaza in HCM City’s District 5. KIDO Group Corporation has increased its stake in Hùng Vương Joint Stock Company (Hùng Vương Plaza) from 58.05 percent to 75.39 per cent with a purchase of shares last week. — Photo Courtesy of KIDO Group Corporation

KIDO Group Corporation has announced an increase in its stake in Hùng Vương Joint Stock Company (Hùng Vương Plaza) to 75.39 per cent.

According to its website at www.kdc.vn, its holdings in Hùng Vương Plaza in HCM City’s District 5 have now risen to nearly 18.2 million shares, and it plans to increase its stake from 75.39 per cent to 77 per cent by the end of this year.

Until August 22, it had only held 58.05 percent.

Hùng Vương Plaza on Hồng Bàng Street used to be known as Parkson trade centre.

Hùng Vương is KIDO’s second mall after Vạn Hạnh.

CEO Trần Lệ Nguyên was quoted in the media as saying: "In 2006, I leased space to Parkson for a shopping centre. At that time I was not involved in retail development. Fast forward to the present day, with Parkson going bankrupt, instead of re-leasing the space, I decided to invest on my own. I have gained significant operational experience with Vạn Hạnh Mall over the past five years.

“The strong customer base we have cultivated includes numerous effective business partners from Vạn Hạnh Mall who continue to trust us and lease space at Hùng Vương Plaza.

“These trusted partners make up 70 per cent of the brands present at Hùng Vương Plaza."

In 2023, Vạn Hạnh is projected to achieve revenues of VNĐ450 billion (US$18.1 million) and a net profit of VNĐ150 billion ($6 million).

Hùng Vương Plaza is expected to generate revenues of VNĐ250 billion ($10 million) this year.

KIDO, a leading foodstuff producer, has ambitious targets for 2024, including revenues of VNĐ13 trillion ($523 million) and profits of VNĐ800 billion ($32 million). — VNS