Lucky Cement Limited (PSX: LUCK) has decided not to pursue the investment of up to Rs. 3 billion for acquiring minority shares in Lucky Core Ventures (Private) Limited (LCV), the cement maker informed the Pakistan Stock Exchange on Wednesday.
Lucky Core Industries Limited in a letter dated January 12, 2024, had informed that its wholly-owned subsidiary LCV has decided not to proceed with the above acquisition and has terminated the Share Purchase Agreement (SPA) dated January 26, 2023, signed with Lotte Chemical Corporation due to non-fulfillment of conditions required for completion of the SPA, according to the stock filing.
“LCV vide publication dated January 16, 2024 has also withdrawn the public announcement of intention published on May 02, 2023 (as amended and extended from time to time). Consequently, please be informed that the Company shall also not pursue the investment of up to PKR 3,000,000,000/- (Pak Rupees Three Billion Only) for acquisition of minority shareholding in LCV,” the stock filing added.
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.
LCV, an associated undertaking of the Lucky Cement Limited, was set up for acquiring majority shareholding in Lotte Chemical Pakistan Limited.
