South Korea-Based Shareholder Approves Sale of 75% Stake in Lotte Chemical Pakistan

The Board of Directors of the Lotte Chemical Corporation South Korea (LCC Korea), the majority (75.01 percent) shareholder of Lotte Chemical Pakistan Limited, has approved and authorized the sale of all of the Company’s shares held by LCC Korea. This is as part of LCC Korea’s business portfolio transformation, subject to execution of a share purchase agreement (Proposed Divestment), and on such terms and conditions as may be specified, under the share purchase agreement. The consummation of the Proposed Divestment will be subject to the procurement of all applicable regulatory and corporate approvals as may be required. The offer was submitted last week by Asia Pak Investment Company Limited and Montage Oil DMCC through their manager to the offer Arif Habib Limited (AHL). “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 at the time. 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.