Lotte Chemical Korea to sell 75.01% stake in LOTCHEM to AsiaPak, Montage Oil
MG News | February 20, 2025 at 02:58 PM GMT+05:00
February 20, 2025 (MLN): The board of directors of Lotte Chemical Corporation (LCC Korea), the majority (75.01%) shareholder of Lotte Chemical Pakistan Limited (PSX: LOTCHEM), has entered into a Share Purchase Agreement with AsiaPak Investments Limited and Montage Oil DMCC.
The agreement involves the sale of all shares held by LCC Korea in the company, amounting to 1.13 billion shares, which constitute approximately 75.01% of the issued and paid-up capital.
This divestment is part of LCC Korea's business portfolio transformation, according to the company's filing on PSX revealed today.
The consummation of the divestment shall remain subject to the procurement of all applicable regulatory and corporate approvals and fulfillment of the requisite closing conditions.
The company shall keep the exchange apprised of all further developments in respect of the divestment.
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