Novatex to purchase 75% stake of LOTCHEM

MG News | July 07, 2022 at 10:41 AM GMT+05:00

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July 07, 2022 (MLN): Novatex Limited has submitted a Public Announcement of Intention (PAI) to acquire 75.01% shares of Lotte Chemical Pakistan Limited (LOTCHEM) wherein Arif Habib Limited has been appointed as the Manager to the Offer by Novatex Limited, the notice issued to Pakistan Stock Exchange said.

According to PAI, Novatex will acquire 75.01% or 1.14 billion shares and control of LOTCHEM through a non-binding offer.

However, this acquisition is subject to obtaining the requisite regulatory approvals.

The principal business of Novatex is to manufacture and sell PET Resin and other types of Resin, PET Preforms and BOPET film.

Currently, the stock of LOTCHEM (Target company) is trading at Rs26 [10:44 PST], up by 77 paisa or 3.05% DoD.

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