Novatex to purchase 75% stake of LOTCHEM

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

Add Mettisglobal as a Trusted Source on Google

0:00

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.

Related News

Name	Price/Vol	%Chg/NChg
KSE100	182,097.34 131.19M	0.39% 699.13
ALLSHR	109,613.94 289.80M	0.37% 406.85
KSE30	54,339.71 71.20M	0.45% 241.22
KMI30	260,515.57 67.78M	0.59% 1532.78
KMIALLSHR	71,135.79 171.56M	0.35% 249.80
BKTi	49,528.20 8.25M	0.19% 94.60
OGTi	37,369.41 3.64M	0.61% 225.54

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	64,935.00	66,160.00 64,825.00	-765.00 -1.16%
BRENT CRUDE	79.10	79.57 77.75	0.14 0.18%
RICHARDS BAY COAL MONTHLY	123.00	0.00 0.00	7.50 6.49%
ROTTERDAM COAL MONTHLY	125.50	0.00 0.00	-0.40 -0.32%
USD RBD PALM OLEIN	1,157.50	1,157.50 1,157.50	0.00 0.00%
CRUDE OIL - WTI	75.37	76.06 74.09	0.10 0.13%
SUGAR #11 WORLD	14.24	14.33 14.22	-0.07 -0.49%