Ice cream maker to merge with Kinh Do

The joint stock ice cream manufacturer Kido will soon merge with commercial baker Kinh Do Corp, which is listed at the Ho Chi Minh City Securities Trading Centre.

Kido chairman Tran Kim Thanh said at Kido’s annual meeting held on June 5 that consultants were working on the merger plan and expected it to be completed in the third quarter.
Procedures are also taking place for listed confectioner North Kinh Do to merge with Kinh Do Corp as well.

This year Kido plans investments worth around 90 billion VND (5.6 million USD) to expand production.

The investments include a new ice cream factory in the northern province of Hung Yen to save transport costs from southern to the northern areas. Currently Kido has a factory in HCM City.
Construction for the Kido Hung Yen project will begin in October. When put it opens in October 2008, the 43 billion VND factory will turn out five million liters of ice cream annually, which is more than double the capacity of the existing factory.

The company has recently increased its equity capital to 60 billion VND (3.7 million USD) from the previous 40 billion VND (2.5 million USD).

This year, its target is 15 billion VND in net profit, up 46 percent from 2006’s 10.5 billion VND.
In another development, the HCM City Securities Trading Centre accepted Royal Securities Corp. (ROSE) as its 48 th trading member.

This securities company has equity capital of 20 billion VND (1.2 million USD), and provides services including brokerage and consultancy. The company is located on the second floor of the Eden Mall, 106 Nguyen Hue Street, District 1, in the city

Source: VNA