Kido Foods (KDF) to buy back 2.5 million shares
KIDO Foods (KDF), the frozen foods subsidiary of KIDO Group, has registered to buy back 2.5 million shares, equivalent to 4.46 per cent of the company's total outstanding shares.
The purchase, scheduled to take place from October 10 to November 11 under the order matching and agreement method, aims to stabilise KDF's stock price.
The company will buy the shares at market price but for no more than VND40,000 (US$1.7) per share.
The minimum daily order quantity is 3 per cent of the total trading volume, equivalent to 75,000 shares, and the maximum has been set at 10 per cent, equivalent to 250,000 shares.
The company had planned to buy back three million shares, but adjusted the figure down.
In the first seven months of this year, KDF’s net revenue increased by 17 per cent over the same period last year to VND938 billion, the majority of which came from ice-cream sales.
Pre-tax profit reached VND155 billion, exceeding the yearly plan of VND150 billion. In the same period last year, the company only achieved over VND40 billion in pre-tax profit.
On the stock market, KDF shares are currently trading at VND33,500 per share, up 94 per cent compared to the end of last year.