Japan’s Isuzu Motors announced later on Thursday that it was not planning to move a factory from Thailand to Indonesia after a statement the Indonesia’s Ministry of Industry made yesterday, saying that the Japanese truck maker is planning to move from Thailand to Indonesia.
“While our company continues to focus on Indonesia as a major market, there are no plans to relocate a Thai factory to Indonesia,” an Isuzu spokesperson said per report by Reuters.
Reuters reported that the spokesperson of Minister Agus Gumiwang Kartasasmita did not immediately respond to a request for comment on the denial from Isuzu.
AAPICO Hitech Public Company Limited (SET: AH) took the hardest hit by the news of relocation as roughly 30% of its revenue was from selling parts to Isuzu. The share price of AH plunged as much as 29% at the open and closed 12% lower for the morning session. AH pared losses to -7% in the afternoon as a report came out that Isuzu is not looking to relocate from Thailand.