Kerry Express Thailand Public: The Extension of Use of IPO Proceeds

	(Translation)
Ref. No:	KEX 012/2022
Date:	August 10, 2022
Theme:	The extension when using IPO proceeds
Attention:	president
	The Stock Exchange of Thailand

In relation to the initial public offering (“IPO”) of Kerry Express (Thailand) Public Company Limited (the “Company”) during the period 8th-9th December 14th, 2020, which raised 300 million newly issued shares at the IPO price of THB 28.00 per share, totaling THB 8,111 million after deducting all costs related to the IPO with the purpose of using the proceeds as disclosed in the Company’s prospectus (according to the table on page 2).

The company has explored opportunities to create value for its shareholders by employing a variety of strategies including business expansion and diversification, partner engagement and strengthening operational excellence. As such, the Company would like to expand the use of funds, including IPO proceeds, to reflect such strategies.

Board Meeting No. 4/2022 approved the extension of the specified use of proceeds from the IPO as specified in the filing and the prospectus. The change was considered immaterial as the value does not exceed 1,200 million THB or less than 15 percent of the total amount raised from the IPO. Therefore, the company must obtain the approval of the board of directors and present the amendment to the shareholders at the next shareholders’ meeting. This is consistent with Office of the Securities and Exchange Commission Notice No. SorJor. 63/2561 Re: Change of purpose of proceeds under the registration statement for the offering of securities and the draft prospectus.

Kerry Express (Thailand) Limited Company

Headquarters: Room 906, 9th floorth Floor, Chao Phya Tower,

89 Soi Wat Suan Plu, Charoen Krung Road, Bangkok, Thailand Tel: +66 2 238 5558 Fax: +66 2 237 3752 www.kerryexpress.com

(unit: million baht)

Purpose From the prospectus

Approved New Purpose

amount below

Indeed

remained

amount below

Indeed

remained

Purpose of capital use

use

use

Purpose of capital use

use

portion

occupancy projection

portion

projection

June 30, 2022

June 30, 2022

1.

Extension of the Express

1.

Extension of the Express

delivery network and

investments in transport

delivery network and

improve network

investments in

operational efficiency and in

transport network to

4,370

1,581

2,789

the development of

4,370

1,581

2,789

expand operationally

information technology

efficiency and in the

systems by their own

development of information

capital investment

technology systems.

Investing in shares of others

Companies*

2.

repayment of existing ones

800

800

–

2.

repayment of existing ones

800

800

–

indebtedness to banks

indebtedness to banks

3.

working capital

2,941

1,343

1,598

3.

working capital

2,941

1,343

1,598

In total

8.111

3,724

4,387

In total

8.111

3,724

4,387

*The amount used to invest in shares of other companies cannot exceed THB 1,200 million.

The Company will propose the matter for consideration at the next annual general meeting of shareholders.

Please inform yourself accordingly.

Kerry Express (Thailand) Limited Company

Headquarters: Room 906, 9th floorth Floor, Chao Phya Tower,

89 Soi Wat Suan Plu, Charoen Krung Road, Bangkok, Thailand Tel: +66 2 238 5558 Fax: +66 2 237 3752 www.kerryexpress.com

Kind regards,

(Mr. Issarin Patramai)

Chief Investment Officer

Kerry Express (Thailand) Limited Company

Headquarters: Room 906, 9th floorth Floor, Chao Phya Tower,

89 Soi Wat Suan Plu, Charoen Krung Road, Bangkok, Thailand Tel: +66 2 238 5558 Fax: +66 2 237 3752 www.kerryexpress.com

Disclaimer

Kerry Express (Thailand) pkl published this content on August 10, 2022 and is solely responsible for the information contained therein. Distributed by the public, unedited and unmodified, on 10 August 2022 12:09:52 UTC.

Public now 2022

All news about KERRY EXPRESS (THAILAND) PUBLIC COMPANY LIMITED

Sale 2022 18 733 m 529 million 529 million Net Income 2022 -1 389 million -39.3 million -39.3 million Net liquidity 2022 626 million 17.7 million 17.7 million P/E 2022 -20.1x Yield 2022 –

capitalization 39 905 m 1 128 million 1 128 million EV / Sale 2022 2.10x EV / Sale 2023 1.86x number of employees 19 260 free float 23.9%

Chart KERRY EXPRESS (THAILAND) PUBLIC COMPANY LIMITED

Duration : Auto.2 months3 months6 months9 months1 year2 years5 years10 yearsMax. Period: dayweek

Development of the income statement

To sell Obtain
Medium consensus	STOP
Number of Analysts	7
Last closing price	THB22.90
Average target price	23.67 baht
Spread / Average Target	3.37%