Lotte Chemical Pakistan Limited (LOTTE) on Wednesday announced a major change in ownership and leadership following the completion of its acquisition by PTA Global Holding Limited, marking the exit of Lotte Chemical Corporation, South Korea, from the company.
In a notice to the Pakistan Stock Exchange (PSX), the listed company, engaged in the production of purified terephthalic acid, said PTA Global Holding Limited has acquired a total of 1,192,292,329 ordinary shares, representing 78.74% of the company’s total issued and paid-up capital.
The stake includes 75.01% purchased directly from Lotte Chemical Corporation and an additional 3.73% acquired through a Mandatory Public Offer to remaining shareholders, in line with the Securities Act, 2015 and takeover regulations.
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“PTA Global Holding Limited holds, directly and indirectly through its affiliates, 1,192,292,329 ordinary shares of the Company, representing approximately 78.74% of the total issued and paid-up share capital of the company, and Lotte Chemical Corporation, South Korea, has divested its entire shareholding in the company,” read the notice.
The company also announced a major board restructuring in line with the change in ownership. Several outgoing directors — including Jo Hyun Kwoun, Young Dae Kim, Seong Jun Park, Jae Sun Park, Cheolsoo Kim, Rashid Ibrahim, and Khurram Rashid — have tendered their resignation from the Board of the company with immediate effect, that is, from November 12, 2025.
To fill these vacancies, the board appointed Imtiaz Ahmed, Adnan Afridi, Muhammad Zahoor Illahee Cheema, Fehmina Khan, Faisal Ahmed Siddiqui, Osman Asghar Khan, and Shahid Ul Hassan Chattha as new directors.
Additionally, Imtiaz Ahmed has been appointed as chairman, with immediate effect, succeeding Jo Hyun Kwoun. Meanwhile, Adnan Afridi has been appointed as Chief Executive of the company, with immediate effect, replacing Young Dae Kim.
“As a consequence of the above changes to the Board of Directors of the company, the audit committee, the HR and remuneration committee and the share suq committee have also been reconstituted,” added the notice.
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