Lucky Core Industries Limited (PSX: LCI) has penned a Share Purchase Agreement (SPA) with Lotte Chemical Corporation (LCC) for the acquisition of over 1.13 billion ordinary shares of its affiliate Lotte Chemical Pakistan Limited (PSX: LOTCHEM).
In a stock filing, LCI said it has signed the SPA to acquire 1,135,860,105 ordinary shares of LOTCHEM, constituting approximately 75.01 percent of the issued and paid-up capital of the company.
“The completion of the Transaction is subject to the terms of the Share Purchase Agreement including the carious public offer and completion conditions stated therein, receipt of requisite approvals including clearance from the Competition Commission of Pakistan, and completion of other closing formalities,” the filing read.
It was previously disclosed that LCC Korea intends to sell its 75.01% stake in affiliate LOTCHEM for 192.4 billion won ($155 million). The sale of shares is intended to “optimize the business portfolio,” according to LCC Korea.
At the time of filing, the company’s scrip at the bourse was Rs. 541, down 2 percent or Rs. 11.03 on Friday.
