The 2024 Extraordinary General Meeting of Shareholders of KIDO Group Corporation (HoSE: KDC) held this morning, January 24, did not approve the transaction to sell 24.03% of capital at Kido Foods.
KIDO's Board of Directors at the 2024 extraordinary general meeting of shareholders - Photo: KDC
Selling shares will affect shareholder rights
On the morning of January 24, KIDO Group Joint Stock Company held an extraordinary general meeting of shareholders in 2024 (HoSE: KDC).
One of the main issues discussed at the extraordinary meeting revolved around the issue of selling shares at Kido Foods and the issue of the Celano, Merino brands... owned and managed by KIDO.
According to the progress of the case, on January 17, 2023, KIDO issued a resolution to find a partner to transfer 24.03% at Kido Foods.
After the transaction, KIDO only holds 49% of Kido Foods, which is a business that produces and trades products in the ice cream and frozen food industry, including ice creams such as Merino and Celano.
By the end of September 2024, Nutifood announced that it owns 51% of Kido Foods' capital.
However, according to KIDO's board of directors, this is a major transaction and because it is not clearly regulated in the Enterprise Law or the company charter, it needs to be considered by the extraordinary general meeting on January 24, 2025.
According to the voting results, this morning's congress did not approve KIDO's capital sale transaction at Kido Foods.
At the congress, a representative of a Singaporean investment fund (owning 7.1% of KIDO capital) expressed his belief that KIDO is the unit that has developed and will develop Kido Foods better than any other enterprise in Vietnam. The proof is the business results achieved in the past time.
Therefore, this fund does not agree with the transaction of KIDO selling 24.03% of capital at KIDO Foods.
Not only Singapore investment fund, an investment fund owning more than 2.6 million KIDO shares believes that KIDO has the ability to lead and develop product lines such as cooking oil and ice cream.
According to this shareholder, recently, KIDO transferred Kido Foods shares without the consent of shareholders and claimed that the shareholders' rights were affected.
The above funds and SATRA, a state shareholder, disagree with KIDO's sale of Kido Foods shares and request KIDO's board of directors to come up with a suitable plan to ensure shareholders' rights.
Source: https://tuoitre.vn/co-dong-kido-khong-thong-qua-giao-dich-ban-co-phan-kido-foods-20250124120245228.htm
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