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KDC to sell majority of subsidiary

Released at: 15:22, 14/07/2015

KDC to sell majority of subsidiary

Mondelēz International set to pick up 80% of Kinh Do Binh Duong JSC.

by Quynh Nguyen

KIDO Corporation (KDC), formerly known as Kinh Do Corporation, will soon complete the transfer of 80 per cent of the shares in its subsidiary the Kinh Do Binh Duong JSC (BKD) to Mondelēz International.

According to a representative from KDC it is now urgently completing the transfer and after that will pay a 200 per cent dividend to shareholders.

On June 26 KDC held its annual general meeting, where it presented its business results for 2014, its business plan and dividend policy for 2015, its plan to buy treasury shares and, especially, a change of name from the Kinh Do Joint Stock Company to the KIDO Corporation.

In 2014, despite the economic difficulties, KDC still recorded stable growth, with revenue of over VND4 trillion ($184 million), up 8.6 per cent compared with 2013, and profit before tax of VND663 billion ($30.8 million), or 10 per cent higher than planned.

This year, after diversifying its production of essential commodities, it targets revenue of VND3 trillion ($138 million).

KDC has also signed a memorandum of cooperation with Dong A Bank and its Board is in the process of evaluating an investment in the bank.

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