Lucky Core Ventures (Private) Limited (LCV), a wholly-owned subsidiary of Lucky Core Industries Limited (LCI), has terminated the Share Purchase Agreement dated January 26, 2023, signed with Lotte Chemical Corporation for the acquisition of 1.135 billion ordinary shares or approximately 75.01 percent of the issued capital of Lotte Chemical Pakistan Limited (LCPL).
The conditions required for completion could not be met within the time stipulated in the Share Purchase Agreement and accordingly, LCV has decided not to proceed with the transaction, LCI informed the Pakistan Stock Exchange (PSX) on Friday.
The filing said LCV would be withdrawing the notice of Public Announcement of Intention concerning the acquisition as mentioned above published in the newspaper on May 2, 2023, amended and restated on September 22, 2023, and extended vide publication dated October 27, 2023, per the Listed Companies (Substantial Acquisition of Voting Shares and Takeover) Regulations, 2017.
According to a filing dated 26 January 2023, LCI first penned the SPA with Lotte Chemical Corporation for the acquisition of over 1.13 billion ordinary shares of its affiliate Lotte Chemical Pakistan Limited (PSX: LOTCHEM). That SPA is now void as the conditions required for completion of the agreement could not be met.
LCI manufactures and trades in a wide range of products including polyester staple fiber (PSF), soda ash, general and specialty chemicals, pharmaceuticals, nutraceuticals, animal health products, and agricultural products (including chemicals, field crop seeds, vegetable seeds, and more).
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