AsiaPak Investment Company Limited and Montage Oil DMCC have expressed their intent to acquire at least 75.01% stake in Lotte Chemical Pakistan Limited, signaling a significant investment in the country’s chemical industry, according to a filing at the Pakistan Stock Exchange (PSX) on Thursday.
Arif Habib Limited (AHL) is the manager of the offer.
“On behalf of the Acquirer (s), we are pleased to submit a Public Announcement of Intention to acquire at least 75.01% shares of Lotte Chemical Pakistan Limited,” AHL said in its notice sent to the PSX.
The announcement follows the requirements set under the Securities Act 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. The public disclosure of intent will be published in both English and Urdu newspapers on February 17, 2025.
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.
