Bibica Joint Stock Company (ticker: BBC) recently announced an extraordinary general meeting of shareholders to approve several major decisions, most notably the cancellation of its public company status and securities registration.

The extraordinary meeting is scheduled to be held online on September 29.

Founded in 1999, Bibica is one of Vietnam’s longest-standing confectionery brands. Once among the top two candy producers nationwide, the brand is nostalgic for many Vietnamese born in the 1980s and 1990s.

According to its reviewed semi-annual consolidated financial report, Bibica reported VND667 billion (USD28.5 million) in sales and service revenue for the first half of this year, showing a slight year-over-year increase. After-tax profit reached VND26 billion (USD1.1 million).

In recent years, Bibica has consistently reported annual revenues exceeding VND1.4 trillion (USD58.5 million). In 2024, the company posted an all-time high with nearly VND1.8 trillion (USD75.2 million) in revenue.

Bibica operates two candy production facilities in Hanoi and Dong Nai. The Hanoi factory has ceased operations and is undergoing tax code closure procedures. Meanwhile, the Dong Nai factory, located in the Bien Hoa Industrial Zone, is also slated for relocation and expected to complete closure procedures this year.

In addition, Bibica owns five subsidiaries, primarily located in southern Vietnam, focused on the production of confectionery and food products.

Bibica’s parent company is PAN Group Joint Stock Company (ticker: PAN), which holds a 98.3% ownership stake. PAN emerged victorious over a group of South Korean investors, including Lotte, during a prolonged battle for control of Bibica from 2012 to 2020.

Due to its highly concentrated ownership structure, BBC shares have extremely low liquidity. Recently, the stock’s average trading volume has been just 2,000 shares per session, with some sessions recording only 100 matched trades.

Anh Phuong