Kido Foods (KDF) to buy back 3 million shares
Kido Foods (KDF) to buy back 3 million shares
KIDO Foods (KDF), the frozen foods subsidiary of KIDO Group, plans to buy back three million shares, equivalent to 5.36 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 VND40,000 (US$1.7) per share, meaning the maximum spending for the purchase will be some VND120 billion.
KDF, listed on the Unlisted Public Company Market (UPCoM), has been traded at about VND28,000-33,000 per share in recent sessions. It hit the daily limit rise on Thursday to VND35,600 per share after the purchase was announced.
As of June 30, the company had VND9.8 billion of development investment fund and VND201 billion of undistributed after-tax profit.
In the first half of the year, the company achieved VND766 billion in net revenue and VND92.5 billion in after-tax profit, up by 9 per cent and 105 per cent year-on-year.
With these results, KDF fulfilled 52.3 per cent of the revenue plan and 76.7 per cent of the profit plan.
