TKN share price jumps 26% amid rumour of planned PepsiCo investment

TKN’s stock price increased to Bt12.80 per share at its highest point before decreasing and closing at Bt12.60, a rise of 26 per cent from the previous price, with trading value in one day hitting Bt2.43 billion.
Taokaenoi became more attractive to investors after a market rumour had it that PepsiCo aimed to invest in TKN. However, a TKN executive emphatically stated that the rumour was not true.
TKN budget and finance manager Koosoon Rattanaporn confirmed that the company had not discussed any investment with PepsiCo. Koosoon said he did not know why TKN’s stock price increased at such a high rate.
Koonsoon also mentioned that TKN’s turnover this year would decrease by 10 to 15 per cent from that in 2019 due to the Covid-19 crisis and the dire tourism situation. However, he said, TKN’s foreign markets, especially China, are recovering.
TKN’s performance in the second half of the year would be better than the first half, he added. TKN’s sales in Thailand amounted to 40 per cent of the total, while sales in China accounted for another 40 per cent, with 40 countries making up the remaining 20 per cent.