Bangkok: Chaiwat Kovavisarach, the Chief Executive Officer of Bangchak Group and President of Bangchak Corporation Public Company Limited, has confirmed that Bangchak Corporation remains a Thai-owned company. He addressed concerns from the online community regarding Alpha Chartered Energy Co., Ltd.’s acquisition of shares in Bangchak Corporation, emphasizing that the transactions were conducted in strict adherence to the rules and regulations.

According to Thai News Agency, Mr. Chaiwat clarified that Bangchak is a listed entity on the Stock Exchange of Thailand, ensuring that all share transactions comply with the Stock Exchange of Thailand and the Securities and Exchange Commission’s guidelines. He highlighted the company’s commitment to corporate governance, noting that Bangchak operates under a 15-member board of directors. Major shareholders with significant holdings are entitled to nominate board candidates, ensuring a transparent management process that has been ongoing for a decade.

Mr. Chaiwat stressed that even the new strategy introduced to the media had been thoroughly discussed and vetted to address any concerns. He reiterated that Bangchak remains a Thai-owned entity, despite its global operations. The company has expanded its investments internationally, including power plants in the United States and various Southeast Asian nations, as well as upstream ventures in Norway through its majority stake in OKEA ASA, a petroleum exploration and production firm.

He concluded by assuring stakeholders that Bangchak’s ownership remains firmly in the hands of Thais, with its global investments reflecting the ambition of Thai entrepreneurs to engage in international business.