LCI extends date for acquiring 75.01% of LOTCHEM shares

January 20, 2023 (MLN): Lucky Core Industries Limited (LCI) has extended the date for acquiring 75.01% shares of LOTTE CHEMICAL PAKISTAN LIMITED (LOTCHEM) up to April 22, 2023, a notice issued by the company to PSX on Friday showed.

To note, On July 26, 2022, a Public Announcement of intention (PAI) was published to acquire 135,860,105 ordinary shares of LOTCHEM constituting approximately 75.01% of the total issued and paid-up share capital, by LCI (formerly ICI Pakistan Limited).

It is noted that the transaction is still subject to the signing of the Share Purchase Agreement (SPA) and the receipt of requisite approvals.

The Acquirer will therefore be unable to proceed with the public Announcement of the offer by the deadline date thereof, January 22, 2023.

At the time of writing, the scrip of the company is being traded at Rs560, up by Rs2.30 or 0.41% DoD.

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