Bangchak Completes the Tender Offer for Shares of Esso (Thailand), Holding 76.34% of the Total Shares

Bangchak Corporation Public Company Limited (“Bangchak”) officially completed the Tender Offer for the securities of Esso (Thailand) Public Company Limited (“Esso (Thailand)”), which commenced on 5 September 2023 and ended on 12 October 2023. Shareholders tendered 358,407,198 shares from the total 1,117,108,000 shares offered to be purchased. Subsequent to the completion of the Tender Offer, Bangchak now holds 76.34% of the shares of Esso (Thailand).

Phatpuree Chinkulkitnivat, Senior Executive Vice President, Accounting and Finance, Bangchak Corporation Public Company Limited, said that “following Bangchak’s acquisition of 65.99% of the total issued and paid-up ordinary shares of Esso (Thailand) on 31 August 2023, Bangchak submitted a Tender Offer for the remaining 1,177,108,000 shares, equivalent to 34.01% of the issued and paid-up ordinary shares of Esso (Thailand) at the Tender Offer price of THB 9.8986 per share on 5 September 2023. The Tender Offer for the securities of Esso (Thailand) has been completed, with Bangchak having made payments for the tendered shares to such shareholders of Esso (Thailand). Consequently, Bangchak is currently holding 2,642,157,198 shares of Esso (Thailand) (shares held prior to the Tender Offer in combination with tendered shares) or equivalent to 76.34% of all issued and paid-up ordinary shares.”

“The number of shares obtained through the tender offer amounted to a total value of THB 3,547,729,490, was funded by the long-term loan from Bangkok Bank Public Company Limited, a trusted partner that will continue to provide further support to Bangchak in the future to foster mutual growth. As a result of this financing, Bangchak’s Net Debt to Equity Ratio (Net D/E) will remain at a level not exceeding 1.1 times, reflecting the strength of Bangchak’s financial position. Moreover, Bangchak is ready to move forward with various operations towards creating synergistic value for business.”