Bangkok Bank has granted Bangchak loans in the total amount of not more than 32 billion baht to acquire Esso shares and expand its comprehensive financial services. It will help build the country's energy security. enhance competitiveness and increase consumer access to energy.
Mr. Chartsiri Sophonpanich, President Bangkok Bank Public Company Limited revealed that the Bank and Bangchak Corporation Public Company Limited (“Bangchak”) have jointly signed a long-term credit facility agreement with a total credit line of not more than 32 billion baht to Bangchak for the purchase of Shares of Esso (Thailand) Public Company Limited (“ESSO”) divided into the amount for the purchase of ESSO shares from ExxonMobil Asia Holding Pte. Hold minor shares as required by law (Mandatory Tender Offer)
“The Bank is pleased to provide credit support to Bangchak for this acquisition. This is another history of Thailand's energy industry. and is confident that it will further expand Bangchak's business potential. to be even stronger Helps increase the country's energy security in the future. with Bangkok Bank ready to be "A trusted friend" who is ready to support other matters in the future and grow steadily together, "said Chatsiri.
Mr. Chaiwat Kovavisarach, Chief Executive Officer of Bangchak Group and President of Bangchak Corporation Public Company Limited, said the company was delighted to receive credit support from Bangkok Bank. The Company will acquire 65.99% of ESSO shares from ExxonMobil Asia Holding Pte. Ltd. within the period specified in the share purchase agreement. and to make a tender offer for all remaining securities of ESSO according to the time specified by law. In addition to the aforementioned loan amount, Bangchak will use other sources of funds of its own to enter into this share purchase transaction. which is expected to be completed by the end of 2023.
“I would like to thank Bangkok Bank for believing in its potential and for giving strong support to Bangchak. throughout the entire transaction period from the beginning Until the closing of this deal, Bangchak is pleased that Bangkok Bank is a business partner in this important milestone in the history of the Bangchak Group and today in the Thai energy business. As a leader in the energy transition with business in 10 countries around the world. We have always placed importance on sustainable business innovation development along with the environment and society. Loans that have been supported by Bangkok Bank this time. It will create energy security for the country and strengthen the company. At the same time, it allows consumers to access various products and services more conveniently. We will not stop developing and moving forward for "Create a sustainable world with green innovations" according to the company's vision, "said Mr. Chaiwat.
Source: Thai News Agency