Karachi January 15 2024: Lotte chemical confirms that the company has received notice of withdrawal of Public Announcement of Intention from the manger to the offer to acquire control stake in the company by Lucky Core Ventures.
Share price of the company drops 14.9 percent since the announcement made by Lucky Core Industries on Pakistan Stock Exchange on Friday.
Public Announcement of Intention (“PAI”) issued by M/s. Lucky Core Ventures (Private) Limited through its Manager to the Offer, i.e. M/s. Optimus Capital Management (Pvt.) Ltd, to acquire control of 75.01 % shares of M/s Lotte Chemical Pakistan Ltd (“the Company”) which was published in newspapers on 2 May 2023, amended and restated vide publication on 22 September 2023 and extended vide publication dated 27 October 2023.
“ln this regard, the Company has received a Notice of Withdrawal of PAI from the Manager to the Offer – M/s. Optimus Capital Management (Pvt) Ltd” states the announcement.
Moreover, the management of the company has also decided to temporarily suspend the Plant operations from 15 January 2024 to 24 January 2024 to efficiently manage inventory.
