Daewoo Pakistan Owner Enters Into Share Purchase Agreement to Acquire Lotte Chemical

Lotte Chemical Pakistan Limited (PSX: LOTCHEM) on Thursday announced that the Board of Directors of the Lotte Chemical Corporation (LCC Korea), the majority (75.01 percent) shareholder of LOTCHEM has entered into a Share Purchase Agreement dated 19 February 2025. According to the notification, the company has entered into a Share Purchase Agreement with AsiaPak Investments Limited and Montage Oil DMCC for the sale of all of the company’s shares held by LCC Korea (i.e. 1,135,860,105 shares constituting approximately 75.01 percent of the issued and paid-up capital of the Company) as part of LCC Korea’s business portfolio transformation.  In a notice to the Pakistan Stock Exchange (PSX), LOTCHEM said the consummation of the divestment remains subject to the procurement of all applicable regulatory and corporate approvals (as may be required) and fulfillment of the requisite closing conditions.  AsiaPak Investments Limited is an investment holding company. Through its various subsidiaries, it owns, through acquisitions, controlling shareholding in Daewoo Pakistan Express Bus Service Limited and Liberty Power Limited.  The acquirer was also the original developer and remains a minority shareholder in the Thar Coal Block 1 coal mine which is a CPEC “early harvest” project.  Montage Oil DMCC is a UAE-based company that manages complex supply chains for both petrochemical manufacturers and consumers by simplifying market access to a variety of products and services. It combines a global network with outstanding local execution.  They operate liquid storage facilities in Sharjah, Karachi, Lahore, Ho Chi Minh City, and Qingdao. They also operate 2 dry bulk storages in Vietnam and UAE.