Kido Foods to buy back 3 million shares

Kido Foods to buy back 3 million shares

 

HÀ NỘI — KIDO Foods (KDF), the frozen foods subsidiary of KIDO Group, plans to buy back three million shares, equivalent to  五. 三 六 per cent of the firm’s total outstanding shares.

The purchase, funded by undistributed after-tax profits and other capital, aims to stabilise KDF's stock price.

The company will buy the shares at market price but not for more than VNĐ 四0,000 (US$ 一. 七) per share, meaning the maximum spending for the purchase will be some VNĐ 一 二0 billion.

KDF, listed on the Unlisted Public Company Market (UPCoM), has been traded at about VNĐ 二 八,000- 三 三,000 per share in recent sessions. It hit the daily limit rise on Thursday to VNĐ 三 五, 六00 per share after the purchase was announced.

As of June  三0, the company had VNĐ 九. 八 billion of development investment fund and VNĐ 二0 一 billion of undistributed after-tax profit.

In the first half of the year, the company achieved VNĐ 七 六 六 billion in net revenue and VNĐ 九 二. 五 billion in after-tax profit, up by  九 per cent and  一0 五 per cent year-on-year.

With these results, KDF fulfilled  五 二. 三 per cent of the revenue plan and  七 六. 七 per cent of the profit plan. — VNS