02 March 2018
Caltex Australia today announced that the acquisition of a 20 percent equity interest in SEAOIL Philippines Inc. (SEAOIL) had been finalised.
This follows the announcement of the proposed investment and a strategic partnership with SEAOIL on 21 December 2017, to manage the supply of fuels via Caltex Australia’s fuel trading and shipping business, Ampol Singapore.
Caltex Australia’s Executive General Manager of Fuels & Infrastructure Louise Warner said, “The prospects available for both companies through this new partnership are exciting. As two independent businesses with shared values and a strong alignment of interests we believe we are exceptionally well placed to meet our shared objectives.”
SEAOIL CEO Glenn Yu said, “We look forward to working closely with Caltex Australia to drive further growth in our business and realise our aim of becoming a leading top three player in the Philippines market.”
With the support of Caltex Australia, one of the region’s largest independent downstream fuel companies, SEAOIL expects to increase its market share, expand its product offerings and enhance its operating capabilities in the Philippines. SEAOIL expects to capitalise on Caltex Australia’s broad set of capabilities which include expertise in product supply, convenience retailing, B2B sales, lubricants and supply chain operations.
The investment by Caltex Australia has been funded utilising existing debt facilities and is expected to be EPS-accretive and generate returns above cost of capital in its first full year of ownership.
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