Golden Gate Trading and Service Company (Golden Gate) has just announced information to collect shareholders’ opinions on the addition of 4 business lines including: Management consulting activities; Retail sale of a variety of items in a convenience store (minimarket); Retailing food, food, beverages and other general goods through websites and mobile applications; Other retail sales not elsewhere classified.
In addition, this business is also expected to change its name from Golden Gate Trading Service Company to Golden Gate Group.
Notably the Addition of a Convenience Store Industry Shows
Golden Gate’s ambition to revive business, when retail is the strength of this leading F&B business .
Recently, the convenience store market in Vietnam is considere a “bright door” when witnessing a rapid increase in the number of brands such as Circle K, FamilyMart, GS 25, 7-Eleven , Ministop…
At the end of last year, GS25 – a joint venture between Son Kim Group and GS Retail, operating a convenience store chain system following the Korean model Textile Mill Manufacturers Email List was considere for an investment of about 20 million USD from the International Finance Corporation (IFC) . ) of the World Bank.
After 4 years since its launch, GS25 is the chain with the second largest number of convenience stores in Vietnam – about 200 stores. With Golden Gate able to participate in this market , the “race” of convenience stores will become very attractive here.
Golden Gate is said to be in the restructuring phase, after the appearance of foreign shareholders with nearly 33% of the capital contribute by the former investor Prosperity Food Concepts and a small part of the capital contributd by the two co-founders. establishe a converte company for a new group of shareholders including Temasek; SeaTown Private Capital and Periwinkle.
In 2021 Golden Gate Earne 3,318 Billion Dong in Net Revenue
down 1,241 billion dong, corresponding to a decrease of 27.2% compare to 2020. The company lost more than 430 billion dong after tax, while in 2020 it made a profit of more than 64 billion dong. This is also the first time the company has lost money since 2008.
Last year, Golden Gate set a target of total consolidate revenue of VND 7,002 billion, more than double last year. Profit after tax get CMB Directory to is expecte to reach VND 375 billion and be profitable again.
In particular, the expansion of food and beverage chains is considere a core strategy. In addition to well-known brands such as: Kichi Kichi, Manwah, Gogi House…, Golden Gate has entere a new niche market of hospital meals with the service cluster Canteen – Coffee – Benhvientot Supermarket. VN.
Golden Gate currently owns more than 22 brands and more than 400 restaurants in more than 45 provinces. Golden Gate leaders once said they plan to open 600 more restaurants, bringing the total number to over 1,000 points and aiming for a revenue of 1 billion USD .