Caltex Australia Managing Director and CEO Julian Segal has welcomed new investors to its share register following the successful ‘sell down’ by Chevron of its 50 per cent shareholding in Caltex.
Mr Segal said Caltex was pleased that Chevron’s share sale was met with strong demand from investors.
“Caltex understands from Chevron that the book was oversubscribed with a final price of $35 a share, reflecting strong interest in the stock,” he said. “The success of the sale is also a strong endorsement of our strategy, which we have delivered on to date, and which remains unchanged.”
Caltex will retain the same senior management team that has successfully delivered on its strategy. Chairman Elizabeth Bryan will be standing for re-election at the annual general meeting on May 7, with the full support of the board.
Mr Segal said Caltex remained focused on investing in the business and in growth initiatives to generate sustainable, long-term earnings growth.
“Our focus in delivering shareholder returns is to explore areas for growth – we continue to look to leverage our capabilities in retailing, franchising, supply chain management, infrastructure services, and the processing, storage and distribution of hydrocarbons,” he said.
The Caltex supply chain is unaffected by Chevron’s share sale.
“Ampol Singapore has been operating for over 12 months and has successfully forged strong links to a broad range of reputable fuel suppliers across Asia and beyond,” Mr Segal said. “Chevron is one of several suppliers contributing to our comprehensive and flexible supply chain.”
The current trademark licensing agreement between Chevron and Caltex will remain in effect following the sale.