Indonesian consumer goods conglomerate Sari Murni Abadi (SMA), renowned for its Momogi snack brand, has finalized the acquisition of Vietnam’s Bibica Corporation (HOSE: BBC) from PAN Group. This strategic move marks a significant milestone in SMA’s global expansion strategy. The transaction value remains undisclosed.
Sari Murni Abadi (SMA) announced the acquisition of Vietnam’s Bibica Corporation from PAN Group on October 28, 2025.
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Bibica, one of Vietnam’s leading confectionery and biscuit manufacturers, boasts an extensive distribution network serving over 100,000 retail points nationwide. The company operates state-of-the-art production facilities in Long An and Hanoi.
“Through this partnership with Bibica Vietnam, we believe the synergy will significantly enhance cross-border production and distribution efficiency,” stated Servin, SMA’s Chief Financial Officer, in an official announcement on November 3. He emphasized that the acquisition aligns with SMA’s ambition to expand its global footprint and strengthen its position in the fast-moving consumer goods (FMCG) market.
The acquisition of Bibica will substantially diversify SMA’s product portfolio, extending beyond snacks to include biscuits and a wide range of confectionery items. This move also presents opportunities for cross-border integration in manufacturing, innovation, and supply chain optimization.
“The collaboration will bolster product innovation, expand export capabilities, and enhance research and development capacities,” Servin added.
According to its official website, Bibica is a widely recognized confectionery brand in Vietnam, offering a diverse range of biscuits, cakes, and candies. Beyond its domestic market, the company exports products to international markets, including Japan, South Korea, and the United States.
PAN Group secured control of Bibica after years of intense competition with Lotte. In the final public tender offer in 2022, the group invested approximately VND 524 billion to increase its ownership stake to 98.3%, ending shareholder disputes and fully integrating Bibica into its ecosystem.
Under PAN’s management, Bibica maintained stable performance. In 2024, the company reported net revenue of over VND 1,780 billion and post-tax profit of nearly VND 120 billion. In the first nine months of 2025, net profit exceeded VND 70 billion, a nearly 20% increase year-on-year.
| Bibica’s Net Profit Since 2017 |
This acquisition signifies a strategic step for SMA in strengthening its presence in Southeast Asia while unlocking access to Bibica’s established export markets.
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On November 3, the Board of Directors of PAN Group approved a resolution to establish Bibica Capital, a 100%-owned subsidiary operating in the financial sector. Bibica Capital will be headquartered at 443 Ly Thuong Kiet, Tan Hoa Ward, Ho Chi Minh City, with a registered capital of nearly VND 1.65 trillion. The company will specialize in financial support services and management consulting. Dinh Tien Hoang, the CEO, will serve as the legal representative. Bibica Capital will be wholly owned by PAN, capitalized by the entire 18.4 million shares of Bibica Corporation (HOSE: BBC) held by PAN. Based on the 30-day average trading price of VND 89,237 per share as of October 30, these shares are valued at over VND 1.64 trillion. |
Vu Hao (Source: Jakarta Globe)
– 13:37 05/11/2025
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