Food producer KIDO Group announced on Thursday it has bought out Sime Darby’s 51 per cent stake in cooking oil producer Golden Hope Nhà Bè to become its sole owner.

It did not disclose the price.

KIDO, which earlier bought Tường An Vegetable Oil Joint Stock Company and Việt Nam Vegetable Oils Industry Corporation (Vocarimex), said the acquisition of Golden Hope is part of its plans to expand cooking oil production to become the industry leader.

Golden Hope Nhà Bè, owned by Vocarimex and Sime Darby, with the former holding a 49 per cent stake, is one of the leading companies in the industry and has an annual turnover of around VNĐ1.3 trillion (US$57 million).

Its brands include Marvela and Ông Táo.

KIDO did not reveal any information about future plans for Golden Hope either.

KIDO, established in 1993, has grown into a giant food producer with products ranging from chilled foods like ice cream and canned foods to cooking oil or instant noodles.

By Thu Ngân - Vietnamnews