The share price of Kerry Express (Thailand) Public Company Limited (SET: KEX) rose as much as 18.51% in the afternoon session on Wednesday after the report of its parent company is considering acquiring a 1% to 2% stake in J&T Express.
Technode reported citing Chinese media outlet LatePost that the S.F. Holding is under discussion to acquire a percentage or two of Southeast Asia-based J&T Express. The specific investment amount remains under discussion.
S.F. Holding is a parent company of Kerry Logistics Network, a major shareholder in KEX. 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).