KIDO FROZEN FOODS JOINT STOCK COMPANY

The subject was established in 2003 after Kido bought Wall’s ice-cream plant from Unilever. This means that it has 21 years of experience in this industry. Thus, it has maintained the no 1 position in the ice cream market for many consecutive years, with a market share of 44.5% (Merino brand: 24.2% and Celano brand: 19.2%) in 2022. Now, its products categorization consists of ice cream and frozen yogurt. Based on our source, it was ranked at ninth position in the top 10 companies in the same industry in 2022.

For ownership structure, after there have been restructurings (acquisition, merger and disposal) relating to Kido Foods, Kido Foods has become Kido group’s associate since Apr 2023. Although we cannot collect official investor purchased Kido Foods’s shares, we find out significant information as follows:

• In Aug 2023, Nuti Invest registered to secure nearly VND 363.4 billion, equivalent to 49% of Kido Foods’s capital at Vietinbank.
• In Oct 2023, Mr. Tran Thanh Hai replaced Mr. Tran Quoc Nguyen as a legal representative cum chairman of Kido Foods. Meanwhile, Mr. Hai owns 13.2% shares of Nuti Invest
• In Nov 2023, the National Competition Commission announced the Decision on conditional economic concentration between Kido Foods, Nuti Invest and Nutifood and Ms. Tran Thi The Kha.

These mean that Nutifood has approved Nuti Invest to officially enter the ice cream market by buying Kido Foods’s equity interest. We can see that Kido group and Nutifood group delegates each representative to manage Kido Foods. They equal its voting right and therefore, 2% remaining right will decide to approve its key policies. But, we cannot collect these minority investors.