Kerry Logistics has announced that it has completed the spin-off of its subsidiary, Kerry Express Thailand (KETH; Stock Code KEX), which commenced trading on the Stock Exchange of Thailand (SET). KETH remains a subsidiary of Kerry Logistics Network after the spin-off.
The price of KETH’s initial public offering of 300 million shares was fixed at the upper limit of THB 28 per share. KETH had received strong investor interest with more than 23 times oversubscription from institutional investors and approximately 10 times oversubscription from cornerstone investors.
William Ma, Group Managing Director of Kerry Logistics Network, said, “We are very proud of this successful spin-off and listing, and the enthusiastic reception from investors. KETH is now a true Thai company that belongs to the Thai people to serve the Thai [people/population]. Kerry Logistics Network has nurtured KETH’s growth through the years and has been encouraged by how it has prospered. By now, Kerry Express Thailand has become a byword for excellence in delivery service in Thailand. With the leadership of an outstanding management team and capital from the listing, we are confident that KETH’s future triumphs will reach new heights and be the standard to which all are measured.”
Alex Ng, Chief Executive Officer of Kerry Express Thailand, said, “KETH’s listing on the SET is an important milestone for the company and the culmination of the KETH team’s hard work. We are truly grateful for the support of our investors, which in itself is a testament to KETH’s current achievements and brilliant prospects. The proceeds from the offering will ensure KETH’s continual growth and thriving future as we further strengthen our infrastructure and enhance our operations to provide our customers the best service to our ability and create value for our stakeholders.”
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