KIDO Group ups stake in Hung Vuong Plaza

August 27, 2024 | 17:26

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Packaged food producer KIDO Group has completed a deal to raise its ownership in Hung Vuong JSC, the operator of Hung Vuong Plaza in Ho Chi Minh City, to 58.05 per cent from 39.41 per cent.

KIDO Group ups stake in Hung Vuong Plaza

KIDO bought an additional 4.5 million shares in Hung Vuong Plaza on August 22. After completing the transaction, KIDO has raised its ownership at Hung Vuong Plaza to more than 14 million shares, or a 58.05 per cent stake.

KIDO became a major shareholder in Hung Vuong Plaza in early August following the purchase of a 39.41 per cent stake.

At the 2024 AGM in June, the company unveiled plans to acquire a 77 per cent stake in Hung Vuong Plaza in the third quarter of 2024.

Hung Vuong Plaza covers 45,000 square metres of commercial floor area, encompassing seven floors as well as underground and outdoor car parks. The building faces four streets and houses nearly 200 stores with famous brands such as Nike, Adidas, CGV Cinema, California Fitness & Yoga, and Starbucks.

The move marks KIDO's expansion in the shopping mall scene in Ho Chi Minh City. The company has already achieved success with its Van Hanh Mall in District 10.

Located at 126 Hong Bang, District 5, Hung Vuong Plaza is the old premise of Parkson Vietnam. On April 2023, Parkson Vietnam filed an application to the People’s Court of Ho Chi Minh City for the commencement of voluntary bankruptcy proceedings, and the company was forced to return the building to Hung Vuong JSC.

According to Savills Vietnam, a young population, a growing middle class, and increasing wealth will contribute to the expansion of the modern retail market in Ho Chi Minh City. According to Oxford Economics, consumer spending in Ho Chi Minh City is forecast to increase by 8.4 per cent in 2025. Modern retail in the city of over 13 million people will also account for half of the retail market share in 2025.

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By Vy Bui

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