This transaction is part of a long-term strategy to acquire up to 77% of Hung Vuong’s shares, according to a resolution passed by KIDO’s Board of Directors in mid-July. This move reflects the group’s determination to expand its presence in the promising retail market.
Located at 126 Hong Bang, District 5, Ho Chi Minh City, Hung Vuong Plaza is the second piece in Mr. Tran Le Nguyen’s, Chairman of KIDO Group, puzzle of shopping malls. Previously, he had successfully established Van Hanh Mall.
Before being acquired by KIDO, Hung Vuong Plaza had its fair share of ups and downs. Once a famous shopping destination managed by Parkson, this mall faced a prolonged period of lackluster business. The challenging situation eventually led to Parkson Vietnam filing for voluntary bankruptcy on April 28, 2023.
After Parkson’s departure, KIDO swiftly took over and embarked on a comprehensive renovation, reintroducing the mall with the new trade name, Hung Vuong Plaza, which officially opened on October 12, 2023.
Vu Hao
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