Karachi July 25 2022: ICI Pakistan Limited made a Public Announcement of Intention to acquire 75.01% shareholding of Lotte Chemical Pakistan Limited, according to filing to the exchange.
Novatex Limted already showed its intention to acquire majority stake in Lotchem, which principal business is to manufacture and sell PET Resin and other types of Resin, PET Preforms and BOPET film. PTA is a key feed stock of Novatex product.
On June 10 2022, LOTTE Chemical Corporation, South Korea (“LCC Korea”) the majority (75%) shareholder of LOTTE Chemical Pakistan Ltd (“the Company”) has notified that as part of its long-term strategy, LCC Korea is optimizing portfolios over many assets, with the strategic divestment options for the Company also under consideration.
ICI Pakistan Limited is incorporated in Pakistan. The Company is engaged in the manufacturing of polyester staple fiber, POY chips, soda ash, specialty chemicals, sodium bicarbonate, polyurethanes and marketing of seeds, toll manufactured and imported pharmaceuticals and animal health products; and merchanting of general chemicals and manufacturing of masterbatches. It also acts as an indenting agent and toll manufacturer.
Lotte Chemical Pakistan Limited was incorporated in Pakistan on 30 May 1998 under the Companies Ordinance, 1984 ( repealed with enactment of the Companies Act, 2017). The principal activity of the Company is to manufacture and sale of Pure Terephthalic Acid (PTA).
