TKN share prices jump on unfounded takeover rumours which company denies

Taokaenoi Food & Marketing Plc (TKN) saw a marked increase in share price during trading on Wednesday as it denies rumors about a possible takeover by the Pepsi group.

At the end of trading on Wednesday, TKN rose to a high of 12.60 baht per share, an increase of 2.60 baht or a 26 per cent gain with a transaction value of 2432.6 million baht.

Consequently, the stock exchange of Thailand (SET) announced putting TKN under a “Cash Balance” symbol from October 8 until October 28, which means only cash is allowed in trading.

The main factors used as criteria for the restricted securities are the turnover ratio, the trading value, and the price not corresponding with the fundamental factors such as P/E ratio, according to the SET.

Jirapong Suntipiromkul, TKN’s Deputy Managing Director, has clarified via SET that the rumors relating to a possible takeover is not true but the company is still looking for the opportunities to grow the business.

“The company must prepare various business strategies, which includes exploring appropriate business alliances. In this regard, the company has always considered various strategies,” Jirapong said. “But at present, there is no clear progress.”

Jirapong also explained that the company is not aware of any other factors for the change in price of the company’s shares.

TKN revenues in the last quarter are expected to grow lower compared to the same period last year due to an unfavorable market caused by the coronavirus outbreak, especially in China.

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