LCI to acquire approx 75.01pc shareholding of Lotte Chemical Ltd

KARACHI: Lucky Core Industries (LCI) has informed that Optimus Capital Management (Private) Limited, Manager to Offer, has submitted an Amended and Restated Public Announcement of Intention to acquire approximately 75.01 percent shareholding of Lotte Chemical Limited (LOTCHEM) on behalf of Lucky Core Ventures (Private) Limited, currently wholly owned subsidiary of the Company (LCI).

On May 02, 2023, Lucky Core Ventures (Private) Limited (the Acquirer) had announced its intention to acquire l,135,860,105 ordinary shares of Lotte Chemical Pakistan Limited (Target Company) representing approximately 75.01 percent of the total issued share capital of the Target Company.

“The Acquirer is currently a wholly-owned subsidiary of Lucky Core Industries Limited (LCl) and has been incorporated to act as a special purpose vehicle through which LCI intends to carry out and promote its prospective growth project(s),” material information sent to Pakistan Stock Exchange on Thursday said.

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Going forward, up to 49 percent shareholding of LCV may be collectively acquired by Yunus Textile Mills Limited (YTML), Lucky Textile Mills Limited (LTML) and Lucky Cement Limited (LCL). The shareholding proportion of each of the said entities shall be determined at a later stage, prior to or post public offer. Direct majority shareholding and control of the Acquirer is however intended to remain with LCI, it added.

“In this regard and in accordance with the Securities Act, 2015 read together with the Listed Companies (Substantial Acquisition of Voting shares and Take-Overs) Regulations 2017, we, on behalf of the Acquirer, are pleased to submit an amended and restated copy of the PAI.”

Copyright Business Recorder, 2023