KEX Reaffirms Business Continues as Usual with No Impact on Services Amid Receiving Request to Voluntary Delist from the Stock Exchange of Thailand for long-term strategy

KEX Express (Thailand) Public Company Limited, has reaffirmed thatthe latest request received from major shareholder, SF InternationalHolding (Thailand) Co., Ltd. ("SFTH"), to voluntarily delist its securities fromthe Stock Exchange of Thailand (SET); will not result in business closureand 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 enhancingoperational flexibility amidst growing industry challenges and intensifyingcompetition, with a focus on achieving sustainable growth. The Thai marketwill continue to play a key role in driving SF Group's growth acrossSoutheast Asia.SFTH, which currently holds 81.43% of KEX's total issued shares, hasproposed to voluntarily delist KEX from the SET and has expressed itsintention to make a tender offer for the remaining 18.57% of shares held byminority shareholders, totaling 651,017,806 shares, at a price of THB 1.50per 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, KEXresolved to propose the voluntary delisting to the Extraordinary GeneralMeeting of Shareholders No. 1/2025. SFTH submitted an official letterexpressing its intention and rationale for the delisting and the subsequenttender offer for all remaining shares not currently held.

Tuesday 6 May 2025 08:06
KEX Reaffirms Business Continues as Usual with No Impact on Services Amid Receiving Request to Voluntary Delist from the Stock Exchange of Thailand for long-term strategy

"We would like to emphasize that this delisting has noimpact on our ongoing operations. There will be no changes affecting ourcustomers or business partners. KEX will continue to provide all servicesas usual. This decision is part of our long-term strategy to increasebusiness agility and support sustainable growth, while continuing to care forthe wellbeing of our employees. For investors and shareholders, the company will proceed with all relevant steps transparently and fairly, andfurther details will be disclosed in due course."SFTH has explained that the proposed delisting is due to the increasinglychallenging market conditions and business environment. KEX has facedcontinued net losses, liquidity issues, and intensifying competition withinthe express delivery and logistics sector. Aggressive pricing strategies bycompetitors and sustained price pressure from customers have significantlyimpacted the company's profitability. As a result, KEX has reported netlosses for 13 consecutive quarters, with limited short-term recoveryprospects.Given these ongoing challenges, KEX requires consistent financial supportto meet business demands. However, the restrictions arising from its listedstatus have limited its operational flexibility.

Additionally, KEX currently hasa free float below the minimum requirement and faces difficulty inincreasing public shareholding through new share offerings. SFTH believesa voluntary delisting and tender offer is the most appropriate path forward.KEX will remain a public limited company and continue to comply with allapplicable laws and regulations.The Extraordinary General Meeting of Shareholders No. 1/2025 has beenscheduled for June 20, 2025, at 14:00 hrs. via electronic means. The meeting will consider and acknowledge the proposal to delist thecompany's securities from the SET, the tender offer details, and otherrelated matters.

Further information will be disclosed via the SET and thecompany's website in due course.KEX remains committed to expanding its operations in Thailand, with afocus on innovation and improving operational efficiency to deliver high-quality services. These efforts support the company'slong-term growth in both Thailand and the broader Southeast Asian region.