KIDO dismissed four deputy general directors as it is preparing for a merger with a handful of subsidiaries.
|KIDO discharges four deputy general directors as it is coming closer to the merger with Tuong An and Vocarimex |
Local food corporate KIDO Group has just dismissed several of its deputy general directors, including Nguyen Thi Hanh, Tran Quoc Viet, Nguyen Xuan Luan, and Wong Kelly Yin Hon. The decision officially took effect from September 4, 2020.
Previously, its subsidiary focusing on cooking oil Tuong An Vegetable Oil JSC also decided to replace its key leadership reflected by accepting Ha Binh Son's resignation from the position of general director and Nguyen Thi Hanh from the management board, and Tuong An as legal representative. The decision came into force on September 1, 2020.
Accordingly, the company will vote on Tran Le Quyen replacing Nguyen Thi Hanh as chairman of the Management Board and legal representative in the 2017-2022 period. At the same time, Tuong An will assign deputy general director Bui Thanh Tung as general director from September 1.
The exchanges in top leadership took place as its parent company KIDO is coming closer to the merger of Kido Foods, Tuong An, and Vocarimex – a vegetable oil company to optimise resources.
The plan of merging with Kido Foods was officially approved at the latest shareholders' meeting while there have yet to be a specific scheme for Tuong An because 36 per cent of the shares at Vocarimex (holding 26.6 per cent of Tuong An’s shares) belong to the local government.
Therefore, KIDO is looking to acquire the state's shares at Vocarimex to drive home the merger with Tuong An and Vocarimex.
Over the first half of 2020, KIDO recorded VND3.667 trillion ($159.43 million) in net revenue and VND133 billion ($5.78 million) in after-tax profit, up 14 and 18 per cent on-year, respectively.