PAN Group completes Bibica divestment to Momogi Group

PAN Group completes Bibica divestment to Momogi Group

Bibica Capital currently holds a 99.13 per cent stake in Bibica, meaning both entities cease to be PAN subsidiaries following the deal.

Representatives of THE PAN Group and Momogi Group VN Co Ltd signed the completion of the stake transfer transaction in Bibica. —Photo courtesy of the PAN GROUP

The PAN Group has completed its divestment from Bibica Joint Stock Company through the transfer of its entire stake in Bibica Capital Co Ltd to Momogi Group VN Co Ltd, marking a significant transition for one of Việt Nam’s long-standing confectionery brands.

The transaction, valued at VNĐ2.63 trillion (approximately US$105 million), includes the transfer price, dividends received and the value of two land plots previously acquired by PAN from Bibica. Bibica Capital currently holds a 99.13 per cent stake in Bibica, meaning both entities cease to be PAN subsidiaries following the deal.

PAN emphasised that Bibica had never been viewed as a purely financial investment. Instead, the group approached it as a heritage Vietnamese brand embedded in the consumption habits of generations.

Over the years, PAN pursued a consistent strategy of preserving Bibica’s identity while strengthening corporate governance, enhancing operational capacity, investing in production and expanding its product portfolio and market presence.

These efforts have translated into solid financial performance. In 2025, Bibica recorded pre-tax profit of VNĐ160 billion, up 20 per cent year-on-year and the highest level in its history, reflecting improved fundamentals after years of restructuring and repositioning.

With a stronger operational foundation and clearer brand positioning, PAN said Bibica has now entered a new development phase. This prompted the group to seek a strategic partner capable of taking the company further, not only preserving its legacy but also unlocking new growth opportunities in both domestic and international markets.

Momogi Group, backed by PT Sari Murni Abadi, was selected based on its industry expertise, brand-building capabilities and ambition to expand regionally and globally. PAN noted that a key criterion in the selection process was a commitment to maintaining Bibica as an independent brand with a distinct identity and long-term growth trajectory.

Nguyễn Thị Trà My, chief executive officer of PAN, said the divestment represents “a necessary continuation” for Bibica, rather than an end. She stressed that choosing the right partner would enable the company to enter a broader and more sustainable growth phase while retaining its core values.

From the buyer’s perspective, Momogi sees Bibica as more than a commercial asset. Njoo Servin, group chief financial officer of Momogi Group and director of its Việt Nam unit, said the brand holds strong potential to expand beyond Việt Nam while remaining closely connected to local consumers.

Following the transaction, PAN plans to redeploy the capital into its two core sectors of agriculture and food, in line with its long-term strategy of investing in businesses during their foundational stages, enhancing competitiveness and transferring ownership when they reach a new growth cycle.

For Momogi, the acquisition is expected to generate synergies by combining complementary product portfolios and integrating production and distribution networks across Việt Nam and Indonesia. The group also plans to strengthen research and development to drive innovation and support expansion into new markets across Southeast Asia and beyond. 

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