Lucky Core Ventures abandons acquisition of Lotte Chemical Pakistan

In an unexpected development, Lucky Core Ventures (Private) Limited (LCV) has retracted its intention to purchase Lotte Chemical Pakistan Limited (LCPL), as announced in a notice to the Pakistan Stock Exchange (PSX) on Friday. 

Lucky Core Ventures said in its notice that the initial declaration, made on May 2, 2023, and reiterated on September 22, 2023, has been withdrawn due to unfulfilled conditions within the agreed timeframe of the Share Purchase Agreement dated January 26, 2023.

“The conditions required for the completion could not be met within the time stipulated in the SPA and accordingly LCV has decided not to proceed with the transaction,” read the notice. 

LCV, a wholly owned subsidiary of Lucky Core Industries Limited, had planned to acquire approximately 75.01% of LCPL’s issued capital. 

However, the transaction will not proceed as anticipated. TRE Certificate Holders of the Exchange have been notified of this change.

The withdrawal marks a significant shift in the business landscape, with potential implications for both companies’ futures.