Daewoo Pakistan’s Owner Submits Offer to Buy Lotte Chemical

Asia Pak Investment Company Limited and Montage Oil DMCC have submitted an offer through their manager to the offer Arif Habib Limited (AHL) to buy 75 percent shares of Lotte Chemical Pakistan Limited, AHL informed PSX on Thursday. “On behalf of the Acquirer(s), we are pleased to submit Public Announcement of Intention to acquire at least 75.01% shares of Lotte Chemical Pakistan Limited (the “Target Company”),” AHL said in a statement. The Acquirer intends to acquire approximately 75.01 percent shareholding and control in the Target Company. Public Offer shall be made for at least 50 percent of the remaining voting shares in accordance with Regulation 14 of the Listed Companies Regulations, 2017. Name(s) of the ultimate acquirer or the ultimate controlling shareholder:   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.