Islamabad, Feb 20: Lotte Chemical Pakistan Limited (PSX: LOTCHEM) has announced that Lotte Chemical Corporation (LCC Korea), its majority shareholder with 75.01% ownership, has entered into a Share Purchase Agreement (SPA) with AsiaPak Investments Limited and Montage Oil DMCC for the sale of its entire stake in the company.
The agreement, dated February 19, 2025, marks a strategic move by LCC Korea as part of its broader business portfolio transformation. According to the notification issued to the Pakistan Stock Exchange (PSX), the transaction’s completion remains subject to regulatory and corporate approvals, along with the fulfillment of all necessary closing conditions.
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AsiaPak Investments Limited is a Pakistan-based investment holding company with controlling stakes in Daewoo Pakistan Express Bus Service Limited and Liberty Power Limited. The company was also the original developer and minority shareholder of the Thar Coal Block 1 coal mine, a key CPEC “early harvest” project.
On the other hand, Montage Oil DMCC, a UAE-based energy and petrochemical trading firm, specializes in managing complex supply chains and facilitating market access for global petrochemical manufacturers and consumers. The company operates liquid storage facilities in Sharjah, Karachi, Lahore, Ho Chi Minh City, and Qingdao, as well as dry bulk storage units in Vietnam and the UAE.
The acquisition of Lotte Chemical Pakistan a major player in Pakistan’s chemical and PET resin industry by AsiaPak Investments and Montage Oil DMCC signals a significant shift in the country’s industrial landscape. It also highlights growing foreign and local interest in Pakistan’s petrochemical sector, which continues to be a key component of the economy.
With the completion of this landmark transaction, Lotte Chemical Pakistan is expected to enter a new phase of growth and strategic direction under its new ownership.
