KIDO acquires cooking oil producer Golden Hope Nha Be

Friday, Nov 30, 2018 15:30

KIDO products at a supermarket in HCM City. — VNS Photo

Food producer KIDO Group announced on Thursday it has bought out Sime Darby’s 51 per cent stake in cooking oil producer Golden Hope Nha Be to become its sole owner.

It did not disclose the price.

KIDO, which earlier bought Tuong An Vegetable Oil Joint Stock Company and Viet Nam Vegetable Oils Industry Corporation (Vocarimex), said the acquisition of Golden Hope is part of its plans to expand cooking oil production to become the industry leader.

Golden Hope Nha Be, owned by Vocarimex and Sime Darby, with the former holding a 49 per cent stake, is one of the leading companies in the industry and has an annual turnover of around VND1.3 trillion (US$57 million).

Its brands include Marvela and Ong Tao.

KIDO did not reveal any information about future plans for Golden Hope either.

KIDO, established in 1993, has grown into a giant food producer with products ranging from chilled foods like ice cream and canned foods to cooking oil or instant noodles. — VNS

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