Lotte Chemical Corporation (LCC), a South Korean chemical giant, plans to sell its 75.01% stake in affiliate Lotte Chemical Pakistan Limited (LOTCHEM) for 192.4 billion won or over $155 million.

The development was shared by LOTCHEM, mainly engaged in the production and sale of chemical products, in a notice to the Pakistan Stock Exchange (PSX) on Monday.

“The Board of Directors of the Lotte Chemical Corporation, South Korea (LCC Korea), the majority (75.01%) shareholder of LOTTE Chemical Pakistan Limited, has approved and authorized the sale of all of the company’s shares held by LCC Korea (i.e., 75.01%),” read the notice

LCC Korea said the purpose of the disposal of shares is to “optimise business portfolio”.

Bugis Investments sells its entire stake in MCB Bank for nearly Rs7.48bn

The company shared that it would dispose of 1,135,5860,105 shares at an expected amount of 192.4 billion won or $155.73 million.

LOTCHEM said that the sale is “subject to execution of a share purchase agreement (Proposed Divestment), and on such terms and conditions as may be specified, under the Share Purchase Agreement”.

“The consummation of the proposed divestment will be subject to the procurement of all applicable regulatory and corporate approvals as may be required,” said LOTCHEM in a notice.

Founded in 1976, LCC Korea has grown to become South Korea’s leading chemical company and operates production facilities in Yeosu, Daesan, and Ulsan, the major petrochemical complexes in Korea.

LCC Korea operates its business through four segments including the polymer segment, involved in the manufacturing and sale of raw materials of plastics, home appliances and automobiles, and the monomer segment, involved in the manufacturing and sale of raw materials of processed petrochemicals.

The basic chemical segment deals with manufacturing and sale of raw materials such as ethane, propylene, benzene, and toluene; while one segment is engaged in real estate leasing, as well as the provision of dispatch services.