Thursday 27 September 2018 – OTS Investments (OTS) today announced the conclusion of its acquisition of a further 75% of Chevron (SA) (Pty) Ltd (CSA) together with other financial assets from Chevron Global Energy Inc. OTS, an active participant in the petroleum industry, has been a 23% shareholder of CSA for 15 years.
At a signing ceremony held in London earlier today all the relevant transaction agreements to effect the takeover were duly signed by all parties giving effect to the change in ownership with effect from 28 September 2018. In terms of the transaction OTS will own 98% shareholder in Chevron (SA) (Pty) Ltd, with the remaining 2% in the hands of employees, and 100% shareholding in Chevron (Botswana) (Pty) Ltd.
Speaking from London, OTS chairman, Mr Mashudu Ramano said “it is with great pride that I announce that, following the conclusion of the transaction, the company Chevron (SA) (Pty) Ltd will, from tomorrow, change its name to Astron Energy (Pty) Ltd” Ramano said. “The birth of Astron Energy, a proudly South African company, is a significant milestone in the transformation and localisation of the energy sector”.
Astron Energy will manage and operate Caltex, a brand that has been in operation for over 100 years and grown to become a household name across the region. “In recognition of the value of the brand, we have decided to retain the Caltex brand for a period of 6 years” explains Mashudu. “I am confident that the management team has the requisite depth of experience to ensure a smooth transition of the business and management of the integrated supply chain including the Cape Town refinery. We commit to continuing to deliver the quality fuels and lubricants our customers have come to expect.”
“We wish to thank and acknowledge our Technical and Financial Adviser, Glencore, for their assistance and support in concluding this landmark transaction. Our gratitude also goes to the many people inside and outside CSA, our board members and shareholders who have played invaluable roles in the realisation of this achievement” concludes Ramano.
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