Lotte Korea to sell 75.01pc stake in Lotte Pakistan

KARACHI: Lotte Chemical Corporation, South Korea, has decided to sell its 75.01 percent stake in Lotte Chemical Pakistan Limited as part of its business restructuring.

“The board of directors of the Lotte Chemical Corporation, South Korea (LCC), the majority (75.1 percent) shareholder of Lotte Chemical Pakistan Limited has approved and authorized the sale of all of the company’s shares held by LCC Korea as part of the LCC Korea’s business portfolio transformation, subject to execution of a share purchase agreement and on such terms and conditions as may be specified, under the share purchase agreement,” material information sent to Pakistan Stock Exchange on Wednesday said.

Lotte Chemical Pakistan Limited

The consummation of the proposed divestment will be subject to the procurement of all applicable regulatory and corporate approvals as may be required, it added.

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