PTA Global Holding seeks additional 12.5% stake in Lotte Chemical via public offer
LOTCHEM disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Friday.
'This is a public offer by PTA Global Holding Limited with Liberty Daharki Power Limited and Daewoo Pakistan Express Bus Service Limited acting in concert (PAC) to acquire up to 189,173,552 ordinary shares of Lotte Chemical Pakistan Limited comprising 12.49% of the issued ordinary share capital of target company at an offer price of Rs22.37 per ordinary share pursuant to the Securities Act, 2015 and the Listed Companies Regulations, 2017,' read the notice.
PTA Global Holding replaces AsiaPak, Montage as acquirer of Lotte Chemical Pakistan
The move follows the earlier acquisition of a 75.01% majority stake in the company by AsiaPak Investments Limited and Montage Oil DMCC through a share purchase agreement (SPA), subsequently assigned to PTA Global Holding Limited.
Back in February, AsiaPak Investments Limited and Montage Oil DMCC, together, entered into an SPA with the sponsors of LOTTE Chemical Pakistan Limited for the purchase of 1,135,860,105 ordinary shares of LOTTE Chemical at a price of Rs16.78 per ordinary share.
Following this, the Competition Commission of Pakistan (CCP) in May approved the acquisition.
AsiaPak Investments Limited is a private investment company incorporated in the British Virgin Islands, with investments in infrastructure, energy, logistics, and technology. Montage Oil DMCC, based in the UAE, is engaged in the global trade of oil and petrochemicals.
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PTA Global Holding Limited, along with Liberty Daharki Power Limited and Daewoo Pakistan Express Bus Service Limited, has announced a public offer to acquire up to 189.17 million ordinary shares, representing 12.49% stake, of Lotte Chemical Pakistan Limited (LOTCHEM) at an offer price of Rs22.37 per share. LOTCHEM disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Friday. 'This is a public offer by PTA Global Holding Limited with Liberty Daharki Power Limited and Daewoo Pakistan Express Bus Service Limited acting in concert (PAC) to acquire up to 189,173,552 ordinary shares of Lotte Chemical Pakistan Limited comprising 12.49% of the issued ordinary share capital of target company at an offer price of Rs22.37 per ordinary share pursuant to the Securities Act, 2015 and the Listed Companies Regulations, 2017,' read the notice. PTA Global Holding replaces AsiaPak, Montage as acquirer of Lotte Chemical Pakistan The move follows the earlier acquisition of a 75.01% majority stake in the company by AsiaPak Investments Limited and Montage Oil DMCC through a share purchase agreement (SPA), subsequently assigned to PTA Global Holding Limited. Back in February, AsiaPak Investments Limited and Montage Oil DMCC, together, entered into an SPA with the sponsors of LOTTE Chemical Pakistan Limited for the purchase of 1,135,860,105 ordinary shares of LOTTE Chemical at a price of Rs16.78 per ordinary share. Following this, the Competition Commission of Pakistan (CCP) in May approved the acquisition. AsiaPak Investments Limited is a private investment company incorporated in the British Virgin Islands, with investments in infrastructure, energy, logistics, and technology. Montage Oil DMCC, based in the UAE, is engaged in the global trade of oil and petrochemicals.
