Kerry Express (Thailand) Public Company Limited (SET: KEX) on Thursday has denied the report stating that its parent company S.F. Holding to acquire a partial stake in J&T Express.
“Kerry Express (Thailand) would like to clarify that KEX has not received any information regarding this news. KEX will keep the SET informed promptly if there is any factual information,” said the company in a statement on Thursday.
According to a Technode report on Wednesday citing Chinese media outlet LatePost, S.F. Holding, a parent company of Kerry Logistics Network, a major shareholder in KEX, is under discussion to acquire a 1% to 2% stake of Southeast Asia-based J&T Express. The specific investment amount remains under discussion.
UOB Kay Hian noted that this news signals potential industry consolidation, which can subsequently lead to the consolidation between KEX and J&T Express (Thailand).
The KEX share price declined 5% following the denial, wiping out yesterday’s nearly 20% gain.
