Restated announcement of intention by Lucky Core Ventures to acquire Lotte Chemical

MG News | September 21, 2023 at 03:51 PM GMT+05:00

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September 21, 2023 (MLN): Lucky Core Ventures (Private) Limited has amended and restated its earlier public announcement of Intention (PAI) to acquire approximately 75.01% shares of Lotte Chemical Pakistan Limited, the latest company's filing to then PSX showed today.

To note, Lucky Core had earlier made a PAI on May 02, 2023, wherein the company announced its intention to acquire 1,135,860,105 ordinary shares of Lotte Chemical Pakistan Limited representing approximately 75.01% of the total issued share capital of the target company.

Description of the intended acquisition:

Intended acquisition through	Number of shares	Percentage
Agreement(s)	1,135,860,105 shares	Approximately 75.01% of the paid-up share capital of the Target Company
Public Offer	189,200,191 shares	Approximately 12.495% of the paid-up share capital of the Target Company

Lucky Core is currently a wholly-owned subsidiary of Lucky Core Industries Limited (PSX: LCI) and has been incorporated to act as a special-purpose vehicle through which LCI intends to carry out and promote its prospective growth project(s).

Going forward, up to 49% shareholding of LCV may be collectively acquired by Yunus Textile Mills Limited (YTML), Lucky Textile Mills Limited (LTML), and Lucky Cement Limited (LCL).

The shareholding proportion of each of the said entities shall be determined at a later stage, prior to or post public offer.

Direct majority shareholding and control of the Acquirer is however intended to remain with LCI.

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