The Indonesian ‘big man’ spent more than 1,700 billion VND to buy Bibica confectionery company

PAN said it has transferred all of its capital contribution at Bibica Capital Company Limited (an enterprise that directly holds 99.13% of Bibica’s capital) to a member unit of Momogi Group in Vietnam.

Momogi Group is one of Indonesia’s leading manufacturers and distributors of snack products. On the website, this company said it owns 2 manufacturing factories and has 91 product codes (SKUs). They just established a legal entity in Vietnam in mid-November 2025 to carry out this deal.

Besides capital transfer, PAN also sells other related assets, mainly related to land, with a total value of no less than 220 billion VND. Previously, this enterprise received 660 billion VND in dividends from Bibica.

PAN’s leadership said it will use all the money collected through divestment and dividends (estimated at no less than VND 2,630 billion) to promote growth in two core business segments, agriculture and food.

“The transfer to a suitable partner is not the end point, but a necessary continuation so that Bibica can enter a new, broader and longer development phase,” said Ms. Nguyen Thi Tra My, General Director of The PAN Group.

According to Ms. My, the most important criterion that PAN sets in the process of choosing a transfer partner is commitment to developing Bibica as an independent brand, with its own identity and able to reach further.

Bibica was formerly the candy factory of Bien Hoa Sugar factory, established in the 90s. Their first products were candy and biscuits, then gradually opened the cookie, malt, moon cake and sponge cake segments. Famous brands include Hura, Goody, Gooka, Quasure Light, Sumika, Migita, Zoo and Cheery.

PAN has invested in Bibica since 2015 with an initial ownership ratio of 42.3%. After many years, PAN increased its ownership to almost absolute level. Since releasing information in the past 26 years, Bibica has only lost money in 2002. Last year, this confectionery company recorded a pre-tax profit of 160 billion VND, an increase of 20% compared to the previous year and the highest level ever.

Bibica is no longer a public company because its shareholder structure does not meet regulations under the Securities Law. This stock left Ho Chi Minh City floor after 24 years of listing with the last closing price of 97,100 VND.