Lucky Core Ventures cancels acquisition deal for 75.01% stake in LOTCHEM
MG News | January 12, 2024 at 03:01 PM GMT+05:00
January 12, 2024 (MLN): Lucky Core Ventures (Private) Limited, a wholly-owned subsidiary of Lucky Core Industries Limited (PSX: LCI), has terminated the Share Purchase Agreement with Lotte Chemical Pakistan Limited (LOTCHEM) for the acquisition of 75.01% of the issued capital or 1.136 billion shares of LCPL.
This information was disseminated by LCI through its filing on the local bourse today.
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.
Consequently, LCV will be withdrawing the notice of Public Announcement of Intention concerning the aforementioned acquisition published in the newspaper on May 2, 2023, amended and restated on September 22, 2023, and extended vide publication dated October 27, 2023.
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