Lucky Core Industries Limited (PSX: LCI) will issue a fresh Public Announcement of Intention (PAI) for acquiring over 1.13 billion ordinary shares of its affiliate Lotte Chemical Pakistan Limited (PSX: LOTCHEM), the company conveyed to the Pakistan Stock Exchange on Wednesday.
“The Company remains committed to the said Transaction and a fresh PAI will be issued by Lucky Core Ventures (Private) Limited, a wholly-owned subsidiary of the Company,” it stated.
LCI’s manager to the Offer, Optimus Capital Management (Private) Limited (OCM), said Lucky Core’s initial public announcement of an offer 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, had expired on April 22, 2023, and a fresh PAI will be issued accordingly.
“As the requisite regulatory approvals and other conditions pursuant to the Share Purchase Agreement are in process and have not yet been completed, we hereby give notice of withdrawal of the PAI pursuant to Regulation 21(1)(e) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017 read with the relevant provisions of the Securities Act. 2015,” said OCM.
“It should be noted that the Lucky Core remains fully committed to complete the Transaction. To this effect, Lucky Core Ventures (Private) Limited, a wholly-owned subsidiary of Lucky Core will Issue a fresh PAI,” said the manager to the offer.
The process of withdrawal and the re-issuance of a fresh PAI is being done in accordance with the prevailing laws and regulations to allow for the receipt of all necessary regulatory approvals prior to completing the transaction, it added.
It was previously disclosed that LCC Korea intends to sell its 75.01 percent 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.
The company’s scrip at the bourse closed at Rs. 550.02, up by Rs. 0.02 with a turnover of 8,461 shares on Wednesday.
