Karachi August 5 2022: Lotchem report profitability of PKR 5.4 billion in first half of 2022 when compared to profitability of PKR 2.6 billion during the same period last year.
Company announced interim dividend of PKR 4 per share along with the financials.
Company reported gross profit of PKR 10.0 billion in 1H 2022 when compared with gross profit of PKR 3.9 billion due to higher PTA prices.
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.
Earlier, 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.
Lotte Chemical Pakistan Limited was incorporated in Pakistan on 30 May 1998 under the Companies Ordinance, 1984 (repealed with enactment of the Companies Act, 2017).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).
