ICI Pakistan Limited has expressed a plan to acquire approximately 75.01 percent shares of Lotte Chemical Pakistan Limited (LOTCHEM), according to the company’s notification issued to PSX.
In this regard, Optimus Capital Management, being the manager of the offer, has submitted a Public Announcement of Intention (PAI) on ICI Pakistan’s behalf to acquire 1.14 billion of LOTCHEM’s shares.
Novatex Limited was keen to acquire 75.01 percent of LOTCHEM’s shares and submitted a PAI for the same, as per which, Novatex will acquire 75.01 percent or 1.14 billion shares and control of Lotte Chemical through a non-binding offer.
Lotte Chemical Pakistan Ltd. was incorporated in Pakistan on 30 May 1998 under the Companies Ordinance, 1984 (repealed with the enactment of the Companies Act, 2017). Its principal activity is manufacturing and selling Pure Terephthalic Acid (PTA).
ICI Pakistan Limited is a public listed company with over 75 years of existence in Pakistan. It also received an offer from the Japanese company, Morinaga Milk, which wants to acquire a 33 percent share in its subsidiary.
