BCP completes acquisition of 100% stake in Chevron Hong Kong Limited
Bangchak's wholly owned BHK Holding has acquired all shares in Chevron Hong Kong, which will be renamed Bangchak Hong Kong Limited.
- Bangchak Corporation (BCP), through a wholly owned subsidiary, has completed the acquisition of a 100% stake in Chevron Hong Kong Limited (CHK).
- The acquisition gives BCP control over CHK's energy business, which includes 31 service stations, industrial and marine fuel operations, and an oil terminal.
- Following the deal, the acquired service stations will continue to operate under the Caltex brand through a trademark agreement with Chevron.
- The purchase is a strategic expansion for BCP into overseas markets, aimed at enhancing its fuel retail business and strengthening its energy logistics system.
Chaiwat Kovavisarach, Group Chief Executive Officer and President of Bangchak Corporation Public Company Limited, or BCP, notified the Stock Exchange of Thailand that Bangchak Hong Kong Holding Limited, or BHK Holding, a wholly owned subsidiary incorporated in the Hong Kong Special Administrative Region, had today acquired a 100% stake in Chevron Hong Kong Limited, or “CHK”.
As a result, CHK became a subsidiary of the company.
The company will later rename CHK Bangchak Hong Kong Limited (BHK).
Information on Bangchak’s website said the acquisition of CHK was not only an expansion of Bangchak’s business into overseas markets, but also a strategic milestone in taking Thailand’s energy business forward and building confidence at the regional level.
“We are committed to strengthening our competitiveness, creating sustainable value and moving towards the future of energy with a clear direction,” Chaiwat said.
Hong Kong is a developed free economy with a legal framework and free retail trade rules close to those of a perfectly competitive market.
It also has a high credit rating, reflecting economic stability and governance under a strong legal framework, and is a major logistics and maritime centre in Asia, making it suitable for the transaction.
CHK operates a diversified energy business, comprising fuel retail, industrial fuels and marine fuels, supported by an international-standard oil terminal and jetty.
It is one of the main service station operators in Hong Kong’s oil market, with 31 service stations across urban and suburban areas.
After the acquisition, BCP will continue to operate the service stations under the Caltex brand, under a trademark agreement between Bangchak and Chevron.
The investment in CHK will help enhance Bangchak’s ability to develop its overseas fuel retail business more effectively, as well as develop an integrated marine fuels business, expand its customer base, strengthen its energy logistics system and create new opportunities for long-term growth.
