KARACHI: AsiaPak Investments, a private investment firm with operational assets in Pakistan and Hong Kong, and Middle Eastern oil and gas company Montage Oil have bid for a 75.01% stake in Lotte Chemical Pakistan, per a notice filed by the manager to the offer with the Pakistan Stock Exchange on Thursday.
“The due diligence and price discovery for a share price agreement is yet to happen,” Shahid Ali Habib, CEO of Arif Habib Ltd, the manager to the offer, told Reuters.
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Lotte Chemical Corp, the Korean parent company, had put up the Pakistani unit for sale, citing a mismatch with its long-term vision.
But two previous deals for the company, which currently has a market capitalization of 32.1 billion rupees (about $115 million), have fallen through.
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First, Pakistan-based petrochemical firm Novatex pulled its offer to buy the 75% stake in 2023 and last year a unit of conglomerate Lucky Core Industries ended its deal to buy the stake for about 192.4 billion won ($132.85 million).
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