Bangkok Bank provides facility worth THB32 Billion to Bangchak to buy Esso Shares

Bangchak is confident that the purchase of Esso shares will strengthen Thailand's energy security, enhance the company's competitiveness, and increase energy accessibility by consumers.

Bangkok Bank President, Chartsiri Sophonpanich, said the Bank and Bangchak signed the Facility Agreement to provide a long-term facility amount of up to THB32 billion to Bangchak for the acquisition of Esso shares, the facility amount up to THB32 billion includes the fund used for acquisition of Esso shares from ExxonMobil Asia Holding Pte. Ltd., and fund used for the Mandatory Tender Offer for the remaining Esso shares.

"The Bank believes this deal will increase Bangchak's businesses capability and enhance the country's energy security. As a "trusted partner", Bangkok Bank is ready to provide further support to Bangchak in the future to foster mutual growth," said Chartsiri.

Chaiwat Kovavisarach, Group Chief Executive Officer and President, Bangchak Corporation Public Company Limited, stated that the company is pleased to receive financial support from Bangkok Bank. This financial support plays a significant role to drive Bangchak's strategic plan where Bangchak will acquire 65.99% of shares in Esso from ExxonMobil Asia, as specified in the Share Purchase Agreement timeline and will launch a tender offer for the remaining shares of Esso in accordance with the legal timeframe. In addition to the Bangkok Bank loan, Bangchak will also use its own source of fund for the transaction which is expected to be completed by the end of 2023.

"As a leader in energy transition with businesses in 10 countries around the world, we are committed to provide sustainable business innovation in harmony with the environment and society. The funding supported by Bangkok Bank will ensure enhanced energy security for the country and strengthen the company's businesses. At the same time, it also makes it more convenient for consumers to access various products and services. We shall diligently and steadfastly develop and move forward with our vision of "Crafting a Sustainable World with Evolving Greenovation," said Chaiwat.