Lotte Chemical to sell 75.01% stake in Pakistan unit to AsiaPak, Montage Oil

KARACHI: Lotte Chemical Corporation (LCC Korea), the majority shareholder of Lotte Chemical Pakistan Limited, has officially entered into a share purchase agreement to sell its entire 75.01 per cent stake in the company. The agreement, dated February 19, involves AsiaPak Investments Limited and Montage Oil DMCC as the buyers.

According to an official disclosure to the Pakistan Stock Exchange (PSX) on Thursday, LCC Korea will divest 1,135,860,105 shares of Lotte Chemical Pakistan as part of its broader business portfolio transformation strategy. The completion of this transaction is subject to obtaining all necessary regulatory and corporate approvals, along with the fulfilment of requisite closing conditions.

Lotte Chemical Pakistan has assured stakeholders that it will keep the PSX informed of any further developments regarding the divestment process. The transaction marks a significant shift in ownership for one of Pakistan’s key chemical manufacturers.