International Dairy Products JSC (IDP), a Vietnamese dairy company, has announced the dissolution of its subsidiary Green Light Investment JSC to restructure its investment portfolio.
In August, 2022, IDP had spent VND500 billion ($21.3 million) on setting up a real estate consulting and trading company.
The new venture has a charter capital of VND500 billion, equivalent to 50 million shares with a par value of VND10,000 ($0.43) per share. With 49.99 million shares, IDP holds a 99.98% stake in the company.
Green Light Investment JSC is headquartered at 217 Nguyen Van Thu street, Da Kao ward, District 1, Ho Chi Minh City.
IDP has recorded no subsidiaries, joint ventures or associates in its financial statements, which means Green Light was its only subsidiary and marked the dairy firm’s venture into real estate.
At the end of the first quarter of 2023, IDP's net revenue reached VND1.58 trillion ($67.15 million), up 27% year-on- year. The company's after-tax profit was VND218 billion ($9.28 million), down 8%.
It aims to achieve revenue of VND7.14 trillion ($304 million) and post-tax profit of VND776 billion ($33 million) for 2023, up 17% and down 4% compared to 2022, respectively.
IDP, established in 2004, operates dairy brands that are familiar to Vietnamese consumers like LiF, Kun, Bavi and LOF. The company currently owns two large-scale factories in Ba Vi district, Hanoi and Cu Chi district, HCMC.
On the unlisted public company market UPCoM, the IDP shares price hit VND225,500 ($9.6) apiece at Friday's closing session.