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Bibica has a strategic cooperation with Korean Lotte Group

Bien Hoa Confectionery Joint Stock Company (Bibica) and Lotte Confectionery Company Ltd. have come to an agreement that will permit Lotte to buy 30 percent of Bibica’s shares (around 4.6 million shares). These shares will not be allowed to transfer within two years.

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In 2007, Bibica has issued 11.4 million shares. That Lotte has bought 30 percent of Bibica’s shares has brought Lotte the position of Bibica’s the biggest foreign partner. The two sides will cooperate with each other in technology, production administration, management of new projects, sales and marketing, research and development and finance management. Lotte will assist Bibica with two projects: Eastern Bibica Factory at the second phase in Binh Duong and Northern Bibica Factory in Hung Yen. In the field of import-export, Bibica import Lotte’s products to distribute them in Vietnam and Bibica export its products to Lotte’s distribution system.

Truong Phu Chien – Bibica’s Chairman of Board of Director said, cooperation with Lotte would bring big development chances to Bibica in the coming time because Lotte had experience in the fields in which Bibica operated, had ability to assist Bibica in expanding market, developing business and production and improving technology and had capability to orient development strategy and give advice in the fields of administration, finance management, opportunities and new projects.

Reported by Phuong Thuy, Translated by THKC

Author: admin

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