Lotte Chemical Corporation (LCC Korea) has signed an Assignment and Assumption Agreement for the sale of over 1.13 billion ordinary shares of Lotte Chemical Pakistan Limited (PSX: LOTCHEM).
In a stock filing, LOTCHEM told Pakistan Stock Exchange that LCC Korea, its majority shareholder (75.01 percent), has signed an Assignment and Assumption Agreement with Lucky Core Industries Limited (PSX: LCI) and Lucky Core Ventures (Private) Limited (a wholly-owned subsidiary of the Lucky Core Industries Limited), in respect of Share Purchase Agreement dated January 26, 2023, with Lucky Core Industries Limited for the sale of 1,135,860,105 shares of the company held by LCC Korea.
This comes following LCI’s filing of April 26 when it announced that it will issue a fresh Public Announcement of Intention (PAI) for acquiring the shares of LOTCHEM after the previous PAI expired on April 22, 2023.
It was also disclosed earlier 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.
At the time of filing, LOTCHEM’s scrip at the bourse was at Rs. 26.31, up by 5.66 percent or Rs. 1.41 with a turnover of 3,954,178 shares on Monday.
