Shareholders at the KIDO Group Corporation’s extraordinary meeting in HCM City on Friday. – Photo Courtesy of KIDO Group

HCM CITY – Shareholders of food producers, KIDO Group Corporation, at the extraordinary meeting in HCM City on Friday, voted against selling 24.03 per cent of the KIDO Foods Joint Stock Company.

KIDO Corporation held an extraordinary shareholders' meeting to gather opinions on issues related to the sale of ownership shares in KIDO Foods Joint Stock Company.

At the meeting, shareholders were consulted on four important issues including the sale of 24.03 per cent of shares in KIDO Foods; the sale of Celano brand, the Merino brand and the transfer of the KIDO brand.

A significant majority, 91.3 per cent of the votes, did not approve the sale of 24.03 per cent of shares in KIDO Foods. The other three issues regarding the transfer of the Celano brand, Merino brand, and KIDO brand were all approved by over 99.1 per cent of the votes.

In September 2024, Nutifood announced its acquisition of a 51 per cent stake in KIDO Foods (KDF), making it the parent company of the latter.

KIDO emphasised that selling 24.03 per cent of KIDO Foods, which included the usage rights of the Celano and Merino trademarks, was a significant transaction that required review at the general meeting.

Chairman Trần Kim Thành stated at the meeting that that purchasing a factory and acquiring a brand are two different things. A sales contract with a brand and a sales contract without a brand are different.

According to Thành, the People's Court of HCM City recently prohibited KIDO Foods from using the Celano trademark including advertising, promoting, introducing.

At the same time, Đất Việt Media Joint Stock Company is also required not to advertise, promote, or introduce the Celano brand in their game shows and on social media platforms. – VNS