KARACHI: UAE-based PTA Global Holding Limited has replaced AsiaPak Investments Limited and Montage Oil DMCC as the new acquirer in the planned purchase of a 75.01% stake in Lotte Chemical Pakistan Limited (LCPL), according to a disclosure submitted to the Pakistan Stock Exchange on Monday.
Arif Habib Limited (AHL), manager to the offer, announced the change in acquirer through an addendum to the earlier Public Announcement of Intention. The revised structure follows a change in the capital ownership arrangement among the acquirers.
“Due to a change in the capital ownership structure of the acquirers, a new foreign entity i.e. PTA Global Holding Limited will replace AsiaPak Investments Limited and Montage Oil DMCC as the acquirer,” AHL stated in its notice. The acquisition involves up to 1.13 billion ordinary shares of LCPL, representing a 75.01% stake, with Liberty Daharki Power Limited and Daewoo Pakistan Express Bus Service Limited acting in concert.
PTA Global Holding Limited is incorporated in the UAE and will be equally owned by AsiaPak and Montage. The new holding vehicle will hold their combined interest in LCPL, while the underlying transaction details remain unchanged.
In February, Lotte Chemical Corporation (LCC Korea), the majority shareholder of LCPL, entered into a Share Purchase Agreement with AsiaPak and Montage for the sale of its stake in the Pakistani subsidiary. The Competition Commission of Pakistan approved the proposed transaction in May.
AsiaPak Investments is a private firm based in the British Virgin Islands with interests in infrastructure, energy, logistics, and technology. Montage Oil DMCC, headquartered in the UAE, operates in the global oil and petrochemical trading business.
