Bangchak Corporation Public Company Limited (SET:BCP) made an offer to acquire 34.01% stake in Esso (Thailand) Public Company Limited (SET:ESSO) from South East Asia UK (Type C) Nominees Limited, UOB Asset Management (Thailand) Co., Ltd., Thai NVDR Company Limited, Investment Arm, Vayupak Fund1, managed by MFC Asset Management Public Company Limited (SET:MFC) and Krung Thai Asset Management Public Co. Ltd. and others for THB 11.7 billion on January 11, 2023. In related transaction, Bangchak Corporation Public Company Limited entered into a share purchase agreement to acquire 65.99% stake in Esso (Thailand) Public Company Limited from ExxonMobil Asia Holding Private Limited for an enterprise value of THB 55.5 billion on January 11, 2023. As per the transaction Bangchak Corporation Public Company Limited will acquire 1.2 billion shares of in Esso (Thailand) Public Company Limited. Bangchak Corporation will pay for the shares in cash to all shareholders who accept the tender offer. The source of funds used in this tender offer will come from loan facility from the Bangkok Bank Public Company Limited (the ?Bank?) totaling of not exceeding THB 15 billion. The transaction is approved by board of directors of Bangchak Corporation Public Company Limited and is subject to shareholder's approval. As announced on August 28, 2023, Bangchak has offered THB 9.8986 per share. The offer is subject to obtained the applicable Antitrust Approvals from the Trade Competition Commission of Thailand in respect of acquisition of the Business? shares with conditions on 18 July 2023; obtained approval from annual general shareholders meeting with respect to the acquisition of the Business? shares on 11 April 2023; and Offeror and the Seller finalized on the purchase price in accordance with the SPA on 25 August 2023. The Offer Period will be a total of 25 business days, from 8 September 2023 to 12 October 2023. The transaction is expected to close in the second half of 2023.

DLA Piper (Thailand) Limited acted as legal advisor to Bangchak. Kiatnakin Phatra Securities Public Company Limited acted as tender offer preparer and tender offer agent. Capital Advantage Company Limited acted as independent financial advisor and fairness opinion provider to Esso (Thailand) Public Company Limited.