Bangchak Advances by Acquiring 100% of Chevron Hong Kong's Shares

Bangchak has invested 270 million US dollars to acquire 100% of Chevron Hong Kong (CHK) shares from Chevron Companies (Greater China) Limited, with the transaction expected to complete by mid-year. The company will use funds from bank loans and operational cash flow, without requiring shareholder or regulatory approval. This represents a significant expansion into the Asian Pacific energy market, enhancing business potential and strengthening energy logistics systems. Chairman Chaiwat Kovavisarach stated that after the acquisition, the company will rename to Bangchak Hong Kong Limited, while retaining Caltex brand operation rights. They plan to gradually transition to Bangchak branding within two years, aligning with their 'Accelerating Bangchak 100x' strategy to drive long-term business growth. The investment was motivated by CHK's stable revenue base, high market value, predictable cash flow, and strategic logistics capabilities. The stable Hong Kong dollar and strong legal framework further support long-term investment security.