PAN Group (HOSE: PAN) has completed the transfer of its stake in Bibica, marking a major ownership change for one of Vietnam’s long-established confectionery brands. The transaction was executed through the sale of PAN’s entire capital contribution in Bibica Capital LLC to Momogi Group VN LLC, a member of Indonesia’s Momogi Group.

Bibica Capital currently holds 99.13% of Bibica’s charter capital. Following the completion of the deal, Bibica and Bibica Capital are no longer subsidiaries of PAN.

A strategic handover, not just a financial exit

PAN said it never viewed Bibica as a purely financial investment. Bibica is described as a Vietnamese food brand with a long history, closely tied to consumer habits and memories across generations—an asset PAN aimed to preserve and develop over the long term.

During its period of ownership, PAN focused on maintaining Bibica’s brand identity while strengthening management foundations, improving operational capability, investing in production, driving product innovation, and expanding market reach.

That restructuring and repositioning effort was reflected in Bibica’s recent performance. In 2025, Bibica recorded VND 160 billion in pre-tax profit, up 20% year on year and its highest level to date.

Why PAN chose to transfer now

PAN described the timing as a natural transition point. After years of rebuilding and repositioning, Bibica is said to have entered a new phase with stronger operations, clearer brand positioning, and greater growth potential. PAN then moved to find a partner positioned to continue the journey—preserving what has been built while taking the brand further in confectionery and snack foods.

The parties involved—PAN, Momogi Group, and Bibica—expect the transition to open a new chapter: maintaining Bibica’s standing as a trusted Vietnamese brand while creating conditions to expand its presence in regional and international markets.

Leadership views: continuity and expansion

PAN’s CEO Nguyen Thi Tra My framed the deal as a continuation rather than an endpoint:

“Bibica là thương hiệu đã gắn bó với nhiều thế hệ người tiêu dùng Việt Nam và đó cũng là lý do PAN luôn nhìn thương hiệu này với sự trân trọng đặc biệt. Việc chuyển giao cho một đối tác phù hợp không phải là điểm kết thúc, mà là sự tiếp nối cần thiết để Bibica có thể bước vào một giai đoạn phát triển mới, rộng hơn và dài hơn. Momogi Group là đối tác được kỳ vọng sẽ tiếp tục gìn giữ và phát huy những giá trị đã làm nên tên tuổi Bibica.”

She added that the transaction also reflects PAN’s broader direction of restructuring its investment portfolio to become more focused, effective, and disciplined—concentrating resources on core sectors PAN intends to pursue long term.

Momogi Group’s leadership emphasized Bibica’s cultural footprint and its potential beyond Vietnam:

“Bibica không chỉ là một thương hiệu, mà còn là một phần trong đời sống của nhiều gia đình Việt Nam. Doanh nghiệp nhìn thấy tiềm năng lớn để phát triển Bibica vượt ra ngoài thị trường Việt Nam. Cùng với Momogi Group, các sản phẩm của Bibica đến nhiều thị trường hơn, xây dựng thương hiệu trở thành một thương hiệu khu vực, đồng thời vẫn giữ được những giá trị mà người tiêu dùng.”

What Momogi and Bibica plan to do together

Bibica and Momogi are expected to pursue synergy by combining product portfolios and capabilities in confectionery and snack foods. Planned cooperation areas include:

• Integrating production and distribution systems in Indonesia and Vietnam

• Strengthening R&D collaboration to accelerate product innovation

• Leveraging each party’s strengths to expand into new markets

The partnership is expected to support growth in Vietnam while strengthening Momogi Group’s presence across Southeast Asia and international markets.

Company backgrounds

PAN is positioned as one of Vietnam’s leading agriculture and food groups, operating under a closed-loop “Farm – Food – Family” value chain strategy, with a portfolio spanning seeds, agriculture, seafood, and processed foods.

Momogi Group is described as one of Indonesia’s leading snack manufacturers and distributors, with a diverse portfolio of brands across food and confectionery.