2 May 2025 – KEX Express (Thailand) Public Company Limited, has reaffirmed that the latest request received from major shareholder, SF International Holding (Thailand) Co., Ltd. (“SFTH”), to voluntarily delist its securities from the Stock Exchange of Thailand (SET); will not result in business closure and will not impact any of the company’s services, customers, or partners. All services will continue to operate as usual.

The decision is part of a long-term strategic plan aimed at enhancing operational flexibility amidst growing industry challenges and intensifying competition, with a focus on achieving sustainable growth. The Thai market will continue to play a key role in driving SF Group’s growth across Southeast Asia.

SFTH, which currently holds 81.43% of KEX’s total issued shares, has proposed to voluntarily delist KEX from the SET and has expressed its intention to make a tender offer for the remaining 18.57% of shares held by minority shareholders, totaling 651,017,806 shares, at a price of THB 1.50 per share. A shareholders’ meeting has been scheduled for June 20, 2025, to present and clarify this matter.

At the Board of Directors’ Meeting No. 4/2025 held on April 30, 2025, KEX resolved to propose the voluntary delisting to the Extraordinary General Meeting of Shareholders No. 1/2025. SFTH submitted an official letter expressing its intention and rationale for the delisting and the subsequent tender offer for all remaining shares not currently held.

“We would like to emphasize that this delisting has no impact on our ongoing operations. There will be no changes affecting our customers or business partners. KEX will continue to provide all services as usual. This decision is part of our long-term strategy to increase business agility and support sustainable growth, while continuing to care for the wellbeing of our employees. For investors and shareholders, the company will proceed with all relevant steps transparently and fairly, and further details will be disclosed in due course.”

SFTH has explained that the proposed delisting is due to the increasingly challenging market conditions and business environment. KEX has faced continued net losses, liquidity issues, and intensifying competition within the express delivery and logistics sector. Aggressive pricing strategies by competitors and sustained price pressure from customers have significantly impacted the company’s profitability. As a result, KEX has reported net losses for 13 consecutive quarters, with limited short-term recovery prospects.

Given these ongoing challenges, KEX requires consistent financial support to meet business demands. However, the restrictions arising from its listed status have limited its operational flexibility. Additionally, KEX currently has a free float below the minimum requirement and faces difficulty in increasing public shareholding through new share offerings. SFTH believes a voluntary delisting and tender offer is the most appropriate path forward. KEX will remain a public limited company and continue to comply with all applicable laws and regulations.

The Extraordinary General Meeting of Shareholders No. 1/2025 has been scheduled for June 20, 2025, at 14:00 hrs. via electronic means. The meeting will consider and acknowledge the proposal to delist the company’s securities from the SET, the tender offer details, and other related matters. Further information will be disclosed via the SET and the company’s website in due course.

KEX remains committed to expanding its operations in Thailand, with a focus on innovation and improving operational efficiency to deliver high-quality services. These efforts support the company’s long-term growth in both Thailand and the broader Southeast Asian region.