Packaged food producer KIDO Group has expanded its stake in Tho Phat Food Processing Co. from 25 to 68 per cent.
The move follows KIDO's purchase of a 25 per cent stake in the Banh Bao Tho Phat brand in April. By acquiring the controlling stake in Tho Phat, KIDO has an ambitious plan to develop it in both local and international markets.
Tran Le Nguyen, CEO of KIDO said, "The investment to gain a 68 per cent stake in the Tho Phat brand is a major milestone for KIDO. Tho Phat will be an important piece of the puzzle in KIDO's strategy of expanding its cake segment. Alongside its member companies, KIDO aims to become one of Vietnam’s leading food suppliers and expand into overseas markets."
He added that KIDO boasts 450,000 points of sale in the essential food industry and 120,000 in the refrigerated goods industry, with infrastructure, manufacturing plants, and extensive logistics systems. In light of its wide distribution network and modern logistics system, KIDO believes it can fully integrate these advantages into Tho Phat to speed up the company's development.
"With our clear understanding of consumers' tastes and preferences, KIDO will undertake technical development and diversify its product portfolio to turn Tho Phat into the national kitchen of Vietnamese people and expand it into export markets," he stressed.
Under the plan, KIDO will develop 1,000 agents, 1,200 Mini Bao stores, and 100,000 retail points, with totally modern distribution centres. Tho Phat products will be exported to at least 30 countries around the world.
Tho Phat is a leading producer of banh bao in Vietnam, with the buns being sold at 4,000 wet markets, grocery stores, and supermarkets. It produces various kinds of buns, including sweet, meaty, vegan, and plain options, along with dim sum and banh gio (dumplings in banana leaves) as well.
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