Kerry Express (KEX TB): Kerry Logistics (636 HK)'s In-Specie Triggers MTO
Last week Kerry Logistics Network (636 HK) (KLN) announced it would in-specie its entire 52.1% stake in Kerry Express Thailand (KEX TB) (KET).
As S.F. Holding (002352 CH) holds a controlling 51.5% stake in KLN after the 2021 partial Offer, it will hold 26.8% in KET post-in-specie. That triggers an unconditional MTO.
The MTO price will be THB5.50/share. The key regulatory approval is Thai SFC. That won't be an issue.
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