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Bangchak Acquires Chevron HK 100%, Takes Over Caltex Brand

Bangchak Acquires Chevron HK 100%, Takes Over Caltex Brand

Khaosod•Economy•6h ago

Reader Briefing

Bangchak Corporation has acquired 100% of Chevron's Hong Kong operations for $270 million, rebranding to Bangchak Hong Kong Limited and continuing to operate under the Caltex brand.

  • •Bangchak Corporation has acquired 100% of Chevron Hong Kong (CHK) for US$270 million.
  • •The acquisition includes the rights to operate under the Caltex brand.
  • •Bangchak Hong Kong Limited will be the new name for the acquired entity.
  • •The acquisition aims to expand Bangchak's investment in the Asia-Pacific energy market.

Overview

  • •Bangchak Corporation acquired 100% of Chevron Hong Kong (CHK) for US$270 million, resulting in expanded regional operations.
  • •Bangchak will operate under the Caltex brand in Hong Kong, due to a trademark agreement, in order to maintain brand recognition.
  • •The acquired entity will be renamed Bangchak Hong Kong Limited, aligning with Bangchak's strategic growth objectives.
  • •The acquisition was driven by CHK's stable revenue base, high marketing margins, and predictable cash flow, in order to enhance inventory management and regional distribution.
  • •Hong Kong's currency peg to the US dollar provides exchange rate stability, strengthening investment and operational security.
  • •The acquisition is seen as a strategic move to expand Bangchak's oil trading platform and support business growth in the Asia-Pacific region.
  • •CHK operates retail, industrial, and marine fuel businesses, including oil depots and service stations across Hong Kong.
  • •The company will utilize financing from financial institutions and operational cash flow for the acquisition, without requiring shareholder or regulatory approval.

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Key Quotes

Chaiwat Kovitcharoenkul
"After Bangchak acquired CHK shares, the company will be renamed Bangchak Hong Kong Limited, retaining rights to operate under the Caltex brand under a trademark agreement, aligning with the Accelerating Bangchak 100x strategy to drive growth, increase long-term business opportunities, and elevate to a regional business operator and marketer."
หลังจากบางจากเข้าซื้อหุ้น CHK ครั้งนี้ บริษัทจะเปลี่ยนชื่อเป็น Bangchak Hong Kong Limited โดยยังคงได้รับสิทธิ์ดำเนินงานภายใต้แบรนด์ Caltex ภายใต้สัญญาเครื่องหมาย สอดคล้องกับยุทธศาสตร์ Accelerating Bangchak 100x เพื่อขับเคลื่อนการเติบโต เพิ่มโอกาสทางธุรกิจระยะยาว และยกระดับสู่ผู้ดำเนินธุรกิจร่วมกันและการตลาดระดับภูมิภาค

Key Entities

Organization

Bangchak Corporation(บางจาก)ℹ️
An energy company that has acquired Chevron's Hong Kong operations.
Chevron Hong Kong
The Hong Kong subsidiary of Chevron that was acquired by Bangchak Corporation.
Caltexℹ️
A brand under which Bangchak Corporation will continue to operate its acquired Hong Kong business.
CHK
An abbreviation for Chevron Hong Kong, the entity acquired by Bangchak.
Bangchak Hong Kong Limited
The new name for Chevron's Hong Kong operations after the acquisition by Bangchak Corporation.

Person

Chaiwat Kovitcharoenkul(นายชัยวัฒน์)
A representative of Bangchak Corporation quoted in the article.