The State Securities Commission of Vietnam (SSC) has officially revoked the public company status of Bibica Corporation (BBC), effective from September 29.

 

This decision comes after a request from Bibica made on November 18. Currently, the company is dominated by a single large shareholder, PAN Group (PAN), which holds 98.3 per cent of Bibica's shares.

 

According to Article 32 Clause 1 Point a of the Securities Law No. 54/2019/QH14, amended and supplemented by Point a Clause 11 of Law No. 56/2024/QH15, a public company must have at least 10 per cent of its voting shares held by a minimum of 100 non-major shareholders.

 

Given Bibica's ownership structure, it no longer meets this requirement, prompting the revocation.

 

Looking ahead, Bibica will finalise the list of shareholders eligible to participate in its Extraordinary General Meeting for the year 2025. This meeting is scheduled to take place on January 8, 2026 at the company headquarters and will also be accessible online.

 

Details regarding the agenda and topics to be discussed at the meeting have not yet been disclosed by Bibica.

 

In a noteworthy development, Indonesian consumer goods company Sari Murni Abadi (SMA) has acquired Bibica as part of its strategy to expand into international markets, according to Jakarta Globe.

 

The acquisition, which occurs through the purchase of shares from PAN Group, has not disclosed the transaction value.

 

According to Servin, CFO of SMA, this move aligns with the group's objective to enhance its global presence and solidify its role as a manufacturer and distributor of fast-moving consumer goods (FMCG) in overseas markets.

 

Bibica, a leading manufacturer of confectioneries and biscuits in Việt Nam, boasts a diverse product range and distributes to over 100,000 retail points nationwide. The company operates modern factories in Tây Ninh Province and Hà Nội and exports to multiple international markets including Japan, South Korea and the US.

 

The acquisition of Bibica by SMA may pave the way for further cross-border M&A transactions in the food sector, reflecting the ongoing trend of production and consumer integration within Southeast Asia as companies speed up the restructuring of their value chains to compete with multinational corporations.

 

On 9 December, Bibica's shares closed at VNĐ75,600 per share. — BIZHUB/VNS

 

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