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	176,921.40 281.82M	0.19% 329.64
ALLSHR	107,409.45 468.49M	0.27% 287.01
KSE30	52,592.15 59.55M	0.24% 124.75
KMI30	251,019.00 72.52M	0.58% 1449.77
KMIALLSHR	69,254.87 358.15M	0.56% 386.15
BKTi	49,934.74 19.97M	-0.40% -201.62
OGTi	36,117.63 8.21M	0.62% 222.55

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	77,835.00	79,625.00 72,670.00	5045.00 6.93%
BRENT CRUDE	94.06	94.09 92.74	0.28 0.30%
RICHARDS BAY COAL MONTHLY	110.50	110.50 110.50	0.25 0.23%
ROTTERDAM COAL MONTHLY	124.00	0.00 0.00	0.25 0.20%
USD RBD PALM OLEIN	1,175.00	1,175.00 1,175.00	0.00 0.00%
CRUDE OIL - WTI	87.22	87.23 85.80	0.39 0.45%
SUGAR #11 WORLD	17.45	17.64 17.16	-0.07 -0.40%