JOHANNESBURG – OTS Investments on Friday announced the conclusion of its acquisition of a further 75 percent of Chevron South Africa (CSA) together with other financial assets from Chevron Global Energy.
OTS, an active participant in the petroleum industry, has been a 23 percent shareholder of CSA for 15 years.
At a signing ceremony held in London on Friday all the relevant transaction agreements were duly signed by all parties giving effect to the change in ownership with effect from 27 September 2018.
In terms of the transaction OTS will own 98 percent shareholding in CSA, with the remaining 2 percent in the hands of employees, and 100 percent shareholding in Chevron Botswana.
OTS chairperson, Mashudu Ramano said: “It is with great pride that I announce that, following the conclusion of the transaction, the company Chevron South Africa will change its name to Astron Energy. The birth of Astron Energy, a proudly South African company, is a significant milestone in the transformation and localisation of the energy sector.”
"CSA will retain the right to use the Caltex brand, which has been in operation for over 100 years and grown to become a household name across the region, for a period of up to six years,” said 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. Lastly, we intend to continue to work closely with the Ministry of Energy in contributing towards energy security for the country and driving core transformation of this industry going forward,” said Ramano.