Karachi July 7 2022: The manage to the offer on behalf of the Acquirer submit a Public Announcement of Intention to acquire 75.01% shares of Lotte Chemical Pakistan Limited by Novatex Limited.
Novatex submitted a non-binding offer for acquisition of 75.01% or 1,135,860,105 shares of the paid-up share capital of Lotte Chemical.
Public tender offer for purchase of 7.98% or 120,907,802 shares of the paid-up share capital of Lotchem shall be made subject to signing of a share purchase agreement for 75.01% shares of the Lotchem.
Novatex was incorporated as a Public Limited Company (unlisted) on January 14, 1991. The principal business of the Company is to manufacture and sell PET Resin and other types of Resin, PET Preforms and BOPET film. PTA is a key feed stock of our product. The registered office of the Company is situated at Room No.50, 2nd Floor, Ahmed Complex, Jinnah Road, Quetta, whereas the manufacturing facility of the Company is situated at Plot No.117-83, 57 & 151 Off. Railway Siding, Export Processing Zone Road, Near Wheat Godown, Landhi, Karachi and Liaison office of the Company is situated at Ground Floor, G&T Tower, # 18 Beaumont Road, Civil Lines-10, Karachi.
Public Offer is subject to all the applicable regulatory approvals including but not limited to approvals from Securities and Exchange Commission of Pakistan and Competition Commission of Pakistan. In addition, the Public Offer is subject to signing of share purchase agreement for 75.01% shares of the Target Company and all the corporate approvals of the Target and the Acquirer.
