VinaCapital Cuts Kido (KDC) Stake to 5.42% After 1.9M Share Sale

Overview

VinaCapital-affiliated funds sold 1.9 million KDC shares on 22 October 2026, reducing the group’s combined holding in Kido Group (HOSE: KDC) from 6.11% to 5.42%. In a separate disclosure, Kido confirmed it now holds only 14.7% of Nuti KD, which has ceased to be an associate company. Both items point to a continued reshaping of Kido’s shareholder base and portfolio.

Key Facts

• Liva Holdings Limited, a VinaCapital member fund, sold 1.9 million KDC shares in the 22 October 2026 session.
• Liva’s holding fell from nearly 14.3 million shares (5.16%) to nearly 12.4 million shares (4.47%).
• Vina QSR Limited, another VinaCapital member fund, still holds more than 2.6 million KDC shares (0.95%).
• The VinaCapital group’s combined stake dropped from nearly 16.9 million shares (6.11%) to nearly 15 million shares (5.42%).
• As of 18 September 2026, Kido holds 14.7% of Nuti KD’s charter capital, so Nuti KD is no longer an associate.
• Kido had planned to transfer 36.33 million shares, equal to 49% of Kido Frozen Foods, to Nutifood under Board Resolution KDC11.1/2025/NQ-HĐQT dated 15 December 2025.
• Shareholders approved cancelling contracts 02/2022/KDF-KIDO/HĐCN and 01/2022/KDF-KIDO/HĐCN, both dated 30 June 2022, covering 34 trademarks (including Merino, Celano and Wel Yo) and 07 trademark applications.

What Happened

CTCP Quản lý Quỹ VinaCapital filed a report on the ownership of a related group of foreign investors acting as a major shareholder, defined as holding 5% or more of Kido Group. The filing states that Liva Holdings Limited sold 1.9 million KDC shares on 22 October 2026, cutting its position from nearly 14.3 million shares (5.16%) to nearly 12.4 million shares (4.47%). Combined with Vina QSR Limited’s holding of more than 2.6 million shares (0.95%), the VinaCapital group’s stake fell from 6.11% to 5.42%.

Separately, Kido disclosed in September 2026 that it had completed two tranches of share transfers at Kido Frozen Foods, now named CTCP Thực phẩm Quốc tế Nuti KD (Nuti KD), under Board Resolution KDC11.1/2025/NQ-HĐQT dated 15 December 2025. As of 18 September 2026, Kido holds only 14.7% of Nuti KD’s charter capital, so the entity is no longer an associate. The original plan called for transferring 36.33 million shares, or 49% of Kido Frozen Foods, to CTCP Thực phẩm Dinh dưỡng Nutifood. Shareholders also approved cancelling two 2022 contracts covering 34 trademarks, including Merino, Celano and Wel Yo, and 07 trademark applications, with Kido to re-establish ownership of those brands for Kido Frozen Foods.

Market Context

KDC closed at VND 50,700 on 26 October 2026 on HOSE. The stock sits in the Consumer Staples sector, where valuations have been sensitive to input-cost swings and to portfolio restructuring at the company level. A foreign fund group crossing below the 6% threshold is a modest ownership event rather than a control change, but it removes a large-holder overhang signal that some domestic investors track. The Nuti KD and trademark unwinding is the more material operational thread, since it determines whether Kido consolidates or exits its frozen-food and ice-cream brand assets.

Strategic Significance

The core question for long-term holders is what Kido looks like after the Nuti KD and brand transfers settle. Reducing the stake to 14.7% and deconsolidating Nuti KD simplifies the group’s reported earnings but also removes a growth leg tied to Merino and Celano, brands whose ownership is being reassigned to Kido Frozen Foods. VinaCapital’s reduction to 5.42% keeps the group above the 5% major-shareholder disclosure line but narrows its buffer, meaning further sales would push it toward the reporting threshold. For investors, the thesis hinges on whether Kido can redeploy capital into its core beverage and confectionery lines faster than it loses the frozen-food contribution.

What to Watch

• Further VinaCapital filings if the group’s combined stake approaches or falls below 5%.
• Completion status of the 49% Kido Frozen Foods transfer to Nutifood and any revised terms.
• Kido’s next financial statements for the accounting treatment of Nuti KD deconsolidation.
• Trademark re-registration progress for Merino, Celano and Wel Yo.
• Q4 2026 trading updates on KDC volume and foreign-ownership data.