LOTCHEM receives PAI from Asiapak Investments to acquire over 1bn voting shares

MG News | August 12, 2022 at 10:24 AM GMT+05:00

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August 12, 2022 (MLN): Lotte Chemical Pakistan Ltd (PSX: LOTCHEM) has received a notice of Public Announcement of Intention (PAI) from Asiapak Investments Limited to acquire over one billion voting shares or 75% of the paid-up capital of the company, the company filing on PSX showed today.

Asiapak Investments Limited on Thursday expressed its intention to acquire 75.01% of the total issued share capital of LOTCHEM.

In this regard, Topline Securities Limited which has been appointed as Manager of the Offer had submitted the PAI on Asiapak Investments Limited’s behalf to acquire 1,135,860,105 ordinary shares of LOTCHEM. The PAI is subject to obtaining the requisite regulatory approvals.

Currently, the stock of LOTCHEM is trading at Rs33.35 [10:24 PST], up by 56 paisa or 1.71% compared to the previous close.

To note, Asiapak Investments Limited is an investment holding company. Through its various subsidiaries it owns, through acquisitions, controlling shareholding in Daewoo Pakistan Express Bus Service Limited and Liberty Power Limited.

The acquirer remains a minority shareholder in the Thar Coal Block1 coal mine which is a CPEC “early harvest” project.

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