Bangchak Corp informed the Stock Exchange of Thailand that the Company’s Board of Directors’ Meeting approved to acquire 65.99% of ordinary shares in Esso (Thailand) from ExxonMobil Asia Holdings Pte. Ltd.
Bangchak has entered into the share purchase agreement with ExxonMobil for the acquisition of 2.28 billion shares of Esso on January 11.
The transaction is expected to be completed in the second half of 2023 subject to receiving regulatory approvals in a timely manner.
Bangchak will subsequently launch a tender offer for the remaining ordinary shares of Esso after the completion of the transaction with ExxonMobil.
Mr. Chaiwat Kovavisarach, Group Chief Executive Officer and President, Bangchak Corporation Public Company Limited, said “This investment is a step towards greater energy security, balancing our long-term strategy with energy affordability and sustainability. I believe this transformational transaction marks the beginning of a new chapter for Bangchal and for Thailand.”
The transaction, which entails a 174 KBD complex refinery, a network of distribution terminals, and over 700 service stations, will provide Bangchak with important catalysts for further growth and margin improvement. (TNA)
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