PTA Global Holding to Acquire Stake in Lotte Chemical Pakistan

PTA Global Holding Limited, a company based in the UAE, has emerged as the new acquirer for a 75.01% stake in Lotte Chemical Pakistan Limited, replacing AsiaPak Investments Limited and Montage Oil DMCC.

Arif Habib Limited, the manager for the offer, communicated this update to the Pakistan Stock Exchange (PSX) on Monday.

AHL conveyed the modification in acquirer, which stems from an updated capital ownership structure, via an addendum submitted to the PSX.

AHL stated in its notice that the change in the capital ownership structure of the acquirers resulted in a new foreign entity, PTA Global Holding Limited, replacing AsiaPak Investments Limited and Montage Oil DMCC as the acquirer. This acquisition involves up to 1,135,860,105 ordinary shares (75.01%) of Lotte Chemical Pakistan Limited, with Liberty Daharki Power Limited and Daewoo Pakistan Express Bus Service Limited acting jointly.

PTA Global Holding Limited, incorporated in the UAE, is directly owned by Asiapak Investments Limited and Montage Oil DMCC, each holding an equal share.

According to the notice, PTA Global Holding Limited will exclusively manage Asiapak Investments Limited and Montage Oil DMCC’s interest in LCPL.

Previously, in February, the Board of Directors of Lotte Chemical Corporation (LCC Korea), the primary shareholder of Lotte Chemical Pakistan Limited, formalized a Share Purchase Agreement to divest its complete stake in the Pakistani subsidiary to AsiaPak Investments Limited and Montage Oil DMCC.

Subsequently, in May, the Competition Commission of Pakistan (CCP) sanctioned the acquisition.

AsiaPak Investments Limited, a private investment firm registered in the British Virgin Islands, focuses on investments in infrastructure, energy, logistics, and technology. Montage Oil DMCC, situated in the UAE, specializes in the international trade of oil and petrochemical products.