Islamabad, Feb 13: Asia Pak Investment Company Limited and Montage Oil DMCC have formally submitted an offer to acquire a controlling stake in Lotte Chemical Pakistan Limited, signaling their intent to acquire at least 75.01% of the company’s shares. This announcement was made by Arif Habib Limited (AHL) on behalf of the acquirers, in a statement to the Pakistan Stock Exchange (PSX) on Thursday.
The acquirers, Asia Pak Investments and Montage Oil, plan to secure control of Lotte Chemical Pakistan by purchasing a majority shareholding. In line with the requirements of the Listed Companies Regulations, 2017, they will also make a public offer for at least 50% of the remaining voting shares of the company.
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Asia Pak Investments Limited, an investment holding company, has significant interests in various sectors through its subsidiaries. The company holds controlling shares in Daewoo Pakistan Express Bus Service Limited and Liberty Power Limited. It was also the original developer of the Thar Coal Block 1, a key component of the China-Pakistan Economic Corridor (CPEC) early harvest projects.
Montage Oil DMCC, a UAE-based firm, specializes in managing complex supply chains for the petrochemical industry. The company provides market access to a wide range of products and services, operating liquid storage facilities across multiple locations, including Sharjah, Karachi, Lahore, Ho Chi Minh City, and Qingdao, with additional dry bulk storage in Vietnam and the UAE.
The strategic acquisition of Lotte Chemical Pakistan by Asia Pak and Montage Oil is expected to lead to significant operational synergies, bolstering the acquirers’ presence in the petrochemical and energy sectors.
