LOTCHEM announces 10-day plant operations suspension for inventory adjustments

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MG News | January 15, 2024 at 03:08 PM GMT+05:00

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January 15, 2024 (MLN): The management of Lotte Chemical Pakistan Limited (PSX: LOTCHEM) has decided to temporarily suspend its Plant operations from January 15 to January 24, 2024 (both days inclusive), the company's filing on the local bourse revealed today.

The company has taken this decision to effectively manage its inventory.

In a recent turn of events, Lucky Core Ventures (Private) Limited, a wholly-owned subsidiary of Lucky Core Industries Limited (PSX: LCI), has terminated the Share Purchase Agreement with LOTCHEM for the acquisition of 75.01% of the issued capital or 1.136 billion shares of LCPL.

The reason for the termination is that the conditions required for completion could not be met within the time stipulated in the Share Purchase Agreement and accordingly LCV has decided not to proceed with the transaction.

At the time of writing, the company's scrip is being traded at Rs23.43, down by 1.63 rupees or 6.5% compared to its previous close.

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