Kerry Thailand on stock exchange
Kerry Express Thailand (KETH), established in 2006 as an affiliate of Kerry Logistics Network, has been listed on the Stock Exchange of Thailand (SET) since the end of December. KETH remains a subsidiary of Kerry Logistics Network after the spin-off.
The price of the initial public offering of 300 million shares was fixed at the upper limit of THB 28 (0.94 USD) per share. There was approximately 23 times oversubscription from institutional investors and ten times oversubscription from cornerstone investors.
The proceeds from the offering are intended to be used for KETH’s express delivery network expansion and investments in its transportation network, the development of IT systems, the repayment of existing indebtedness to banks and as working capital for business operations. (sh)