Food producer KIDO Group has raised its foreign ownership cap from 49 per cent to 100 per cent, according to a proposal approved by the State Securities Commission on Wednesday.

The information was revealed in a document sent to the Ho Chi Minh Stock Exchange and the Viet Nam Securities Depository (VSD) on Thursday.

The removal of foreign ownership cap was passed at the company’s annual shareholders’ meeting this year. At the meeting, CEO Tran Le Nguyen said many partners were interested in KDC shares and the group wanted to open more room for foreign investors and investment funds.

KIDO recently acquired 51 per cent of cooking oil producer Golden Hope Nha Be (GHNB), a joint venture company between Vocarimex and Sime Darby with a chartered capital of VND69 billion (US$2,954 million). Vocarimex is a member company of KIDO Group that holds a 49 per cent stake in GHNB. This means that following the GHNB acquisition, KIDO now owns 100 per cent of shares in GHNB.

In the first nine months of the year, KIDO reported net sales of VND5.7 trillion, up 12.6 per cent year on year. It made after-tax profit of VND87.6 billion, an 83.2 per cent decrease. — VNS