Hung Vuong Plaza in HCM City’s District 5. KIDO Group Corporation has increased its stake in Hung Vuong Joint Stock Company (Hung Vuong Plaza) from 58.05 percent to 75.39 per cent with a purchase of shares last week. -- Photo Courtesy of KIDO Group Corporation

 

 KIDO Group Corporation has announced an increase in its stake in Hung Vuong Joint Stock Company (Hung Vuong Plaza) to 75.39 per cent.

 

According to its website at www.kdc.vn, its holdings in Hung Vuong Plaza in HCM City’s District 5 have now risen to nearly 18.2 million shares, and it plans to increase its stake from 75.39 per cent to 77 per cent by the end of this year. 

 

Until August 22, it had only held 58.05 percent.  

 

Hung Vuong Plaza on Hong Bang Street used to be known as Parkson trade centre. 

 

Hung Vuong is KIDO’s second mall after Van Hanh.

 

CEO Tran Le Nguyen was quoted in the media as saying: "In 2006, I leased space to Parkson for a shopping centre. At that time I was not involved in retail development. Fast forward to the present day, with Parkson going bankrupt, instead of re-leasing the space, I decided to invest on my own. I have gained significant operational experience with Van Hanh Mall over the past five years. 

 

“The strong customer base we have cultivated includes numerous effective business partners from Van Hanh Mall who continue to trust us and lease space at Hung Vuong Plaza.

 

“These trusted partners make up 70 per cent of the brands present at Hung Vuong Plaza."

 

In 2023, Van Hanh is projected to achieve revenues of VNĐ450 billion (US$18.1 million) and a net profit of VNĐ150 billion ($6 million). 

 

Hung Vuong Plaza is expected to generate revenues of VNĐ250 billion ($10 million) this year.

 

KIDO, a leading foodstuff producer, has ambitious targets for 2024, including revenues of VND13 trillion ($523 million) and profits of VNĐ800 billion ($32 million). — VNS

 

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