ICI Pakistan to acquire 75.01% shares of LOTCHEM
MG News | July 25, 2022 at 09:49 AM GMT+05:00
July 25, 2022 (MLN): ICI Pakistan Limited has announced its intention to acquire approximately 75.01% shares of Lotte Chemical Pakistan Limited (LOTCHEM), the company's filing on the bourse showed today.
In this regard, Optimus Capital Management, being the manager of the offer has submitted a Public Announcement of Intention (PAI) on ICI Pakistan’s behalf to acquire 1.14 billion shares of LOTCHEM.
Earlier this month, Novatex Limited showed interest to acquire 75.01% shares of LOTCHEM and submitted a PAI for the same as per which Novatex will acquire 75.01% or 1.14 billion shares and control of LOTCHEM through a non-binding offer.
ICI Pakistan Limited is a public listed company with over 75 years of existence in Pakistan. ICI Pakistan Limited consists of five diverse businesses including Soda Ash, Polyester, Pharmaceuticals, Animal Health and Chemicals and Agri-Sciences. ICI Pakistan is engaged in the nutrition business through NutriCo Morinaga (Private) Limited.
Currently, the stock of the company is being traded at Rs769.05 (9:55 PST), up by Rs27.34 or 3.69% DoD.
While, LOTCHEM was incorporated in Pakistan on 30 May 1998 under the Companies Ordinance, 1984 ( repealed with the enactment of the Companies Act, 2017). The principal activity of the Company is to manufacture and sale of Pure Terephthalic Acid (PTA).
The stock of the company is currently trading at a price of Rs24.50 (9:55 PST), up by Rs0.38 or 1.58% from the previous price.
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