At the end of the morning session on Thursday, the share price of VGI Public Company Limited (SET: VGI) rose by 6.21% or THB 0.10 to THB 1.71, with a trading value of THB 597.80 million.
Krungsri Securities stated that S.F. Holding Co., Ltd., a major shareholder of Kerry Express (Thailand) Public Company Limited (SET: KEX), will make a tender offer for KEX on 22 March 2024, to restructure the shareholding of the company. The market will see whether VGI is going to divest all of the 15% shareholding of KEX or not, as to reduce its financial loss.
VGI needs to bear a loss from KEX of THB 640 million per year. The selloff of KEX would benefit the overall operation of VGI. At present, though the price of VGI edged up, it still remained lower than the target price of THB 1.99. Still, the analyst gave a “BUY” recommendation.
S.F. Holding Co., Ltd. proposed the offer to purchase KEX to the Office of the Securities and Exchange Commission (SEC), the Board of Directors of the company, and the shareholders of KEX on 8 February 2024, with a purchasing period of 28 business days, starting from 13 February to 22 March 2024.
As a result, S.F. Holding Co., Ltd. stated that the amount and proportion of the held shares combined with those from the tender offer until 12 March 2024 were 2,786,620 shares, which accumulated into 0.16% of distributed shares.
