Asiapak no longer interested to buy LOTCHEM stake

MG News | January 24, 2023 at 02:59 PM GMT+05:00

0:00

January 24, 2023 (MLN): AsiaPak Investments Limited has withdrawn its interest to acquire 75.01% voting shares and control of Lotte Chemical Limited (LOTCHEM), a notice by the company to PSX on Tuesday showed.

In this regard, Topline Securities Limited as the Manager to Offer on behalf of AsiaPak withdraw the Public Announcement of Intention (PAI), published on 15 August 2022.

On August 11, 2022, Asiapak has expressed its intention to acquire 75.01% which is 1,135,860,105 of the total issued share capital of LOTCHEM.

To note, Asiapak 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.

Currently, the stock of LOTCHEM is valued at Rs25.52, up by Rs1.16 or 4.76%.

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