Engro Holdings Limited said on Friday that its subsidiary, Engro Corporation Limited, received a non-binding offer from Lotte Chemical to buy about 56.19% shareholding of Engro Polymer & Chemicals Limited (EPCL).
The company disclosed in a notice to the Pakistan Stock Exchange (PSX) today.
“At its meeting held on March 12, 2026, the Board of Engro Corp considered the offer and authorised the management to negotiate and finalise the terms and conditions, as well as the related transaction documentation, and to present the same to the Board for its approval,” the company said.
The company shall keep its shareholders informed of further developments through subsequent announcements as the matter progresses, the notice concluded.
On March 10, Lotte Chemical announced its intention, saying that the acquisition will be carried out through a combination of a share purchase agreement (SPA) and a public offer to shareholders.
Under the proposed transaction, 510,733,451 shares, approximately 56.19% of the paid-up capital of Engro Polymer, will be acquired through a Share Purchase Agreement (SPA), while a public offer will be made for 159,094,941 shares, representing 17.5% of the paid-up capital of the target company, Lotte Chemical had then said.
Lotte Chemical Pakistan Limited manufactures and sells Purified Terephthalic Acid (PTA) and operates a state-of-the-art plant at Port Qasim, Karachi, with an annual production capacity of 500,000 tonnes.
It is a key supplier to the domestic polyester and PET industries. The plant operates under a technology license from Invista Performance Technologies (IPT), with feedstock sourced from reputable international suppliers, and the company contributes to downstream industrial development and foreign exchange savings for the country.
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