PTA Global acquires majority stake in Lotte Chemical

November 12, 2025 (MLN): PTA Global Holding Limited has officially acquired a 78.74% shareholding in LOTTE Chemical Pakistan Limited (PSX: LOTCHEM), completing a major ownership transition through the purchase of shares from Lotte Chemical Corporation, South Korea, and a Mandatory Public Offer to minority shareholders.

The acquisition includes 1,135,860,105 shares (75.01%) purchased from Lotte Chemical Corporation and an additional 56,432,224 shares (3.73%) acquired from the public.

With this transaction, Lotte Chemical Corporation has fully divested its stake in the Pakistani subsidiary.

Consequent to the change in ownership, Lotte Chemical’s Board of Directors has been reconstituted.

Seven directors, including Chairman Mr. Jo Hyun Kwoun and Chief Executive Mr. Young Dae Kim, have resigned, while Mr. Imtiaz Ahmed has been appointed as Chairman and Mr. Adnan Afridi as Chief Executive, effective November 12, 2025.

Mr. Adnan Afridi joins LOTTE Chemical Pakistan with nearly 30 years of experience in steering and transforming organizations across diverse emerging markets.

He began his career at Monitor Company in the United States, where he worked on strategy development for Fortune 500 companies.

His notable leadership roles in Pakistan include serving as Managing Director of National Investment Trust Limited (NIT) and Managing Director of Pakistan Stock Exchange (PSX).

He also held the position of CEO at the Overseas Investors Chamber of Commerce & Industry (OICCI).

Additionally, he served as CEO of Tethyan Group, a joint venture of Antofagasta Minerals and Barrick Gold, where he played a pivotal role in progressing the Reko Diq Mining Company project in Balochistan.

Beyond his executive roles, Afridi has contributed significantly to corporate governance and social sector initiatives, serving on the boards of Bank AL Habib Limited, Siemens, Mari Energies Limited, and The Kidney Centre.

A graduate of Harvard University and Harvard Law School, he brings strong strategic insight, international exposure, and a proven track record in organizational growth expected to play a key role in driving LOTTE Chemical Pakistan’s next phase of expansion.

In alignment with the board changes, the company’s Audit Committee, HR & Remuneration Committee, and Share Subscription Committee have also been reconstituted.

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