Novatex Is No Longer Interested in Acquiring Lotte Pakistan

The management of Novatex Limited has changed its decision to acquire 75 percent shares of Lotte Chemical Pakistan. In a notification issued to the Pakistan Stock Exchange (PSX), Lotte Chemical said that Novatex Limited has withdrawn its public intention of acquiring major stakes in Lotte Pakistan through Manager to the Offer, Arif Habib Limited. “This is with reference to Notice of Public Announcement of Intention (“PAI”) issued by M/s. Novatex Limited through its Manager to the Offer, i.e. M/s. Arif Habib Limited, to acquire control of 75.01% shares of M/s Lotte Chemical Pakistan Ltd (“the Company”) which was published in newspapers on 13 July 2022,” the filing reads “In this regard, the Company on January 6, 2023 has received a Notice of Withdrawal of PAI from the Manager to the Offer – M/s. Arif Habib Limited,” the filing says further. At the time of filing this report, Lotte’s scrip at the bourse was trading at Rs. 24.81, down by Rs. 1.25 or 4.80 percent, with a turnover of 2.1 million shares on Monday. Novatex Limited had expressed its interest in acquiring control of 1.13 billion voting shares of LOTTE Chemical Pakistan.