Bangchak Successfully Concludes its Annual General Meeting Shareholders Approve the Acquisition of Shares of Esso (Thailand) Public Company Limited shares and Dividend Payments for 2022 at 2.25 Baht per share

Chaiwat Kovavisarach, Group Chief Executive Officer and President, Bangchak Corporation Public Company Limited said that the hybrid Annual General Meeting of Bangchak Corporation Public Company Limited on 11 April 2023 at Bai Mai meeting room, M Tower Head Office, Bangchak Corporation Public Company Limited was successfully concluded, with all agenda items approved.

One important agenda was the proposal to approve the acquisition of ordinary shares of Esso (Thailand) Public Company Limited from ExxonMobil Asia Holdings Pte. Ltd. for 2,283,750,000 ordinary shares, or 65.99%, of the total issued shares, and the tender offer for the remaining 1,177,108,000 ordinary shares, or 34.01%, of the total issued shares in ESSO at the same price as that of the purchase price of ESSO shares from ExxonMobil Asia Holdings Pte. Ltd., with 797,134,359 votes or equivalent to 99.8583% of the votes of the shareholders attending the meeting and having the right to vote. The transactions will proceed further as necessary and are expected to be completed during the second half of 2023, according to the timeframe.

“This transaction, upon completion, will help grow the businesses of Bangchak Group who has placed high importance on consumers, communities, and environment all along. This business agreement will result in an economy of scale and lower transaction costs which will ultimately benefit consumers as evidenced during the period of high oil prices over the past 2 years. In addition, an increased number in service stations will further facilitate consumer access to the “Bangchak Brand” and be beneficial to Thai economy in various aspects, especially in bolstering national energy security. I would like to thank our shareholders for their confidence and support in Bangchak regarding this investment. The Board of Directors, executives, and employees remain committed to developing the company to ensure continuous growth, worthwhile and sustainable returns for all our stakeholders,” concluded Chaiwat.

The Meeting also approved the allocation of profit for dividend payment for 2022 performance at Baht 1.00 per share; added to the interim dividend of Baht 1.25 per share (for the first half of the year), making a total of Baht 2.25 per share in 2022.