Lotte Chemical's Sale of Pakistani Subsidiary Falls Through

"Contract Termination Due to Delays in Local Authorities' Approval"

On the 15th, Lotte Chemical announced that its plan to sell its Pakistani subsidiary, which operates non-core businesses including high-purity terephthalic acid (PTA) production, has fallen through.

Lotte Chemical stated that the share purchase agreement with Lucky Core Industries, a Pakistani chemical company, to sell its entire 75.01% stake in its subsidiary LCPL (LOTTE Chemical Pakistan Limited) has been terminated.

Previously, on January 26 of last year, Lotte Chemical signed a contract to sell its 75.01% stake in LCPL to Lucky Core for 192.4 billion KRW. However, Lucky Core, the buyer, did not conduct a public tender offer for the shares by the contract closing deadline of the 11th of this month.

Lotte Chemical explained, "Due to prolonged delays in some preconditions for proceeding with the public tender offer (such as approval of the corporate merger by Pakistani competition authorities) caused by uncertainties in Pakistan's political and economic situation, the counterparty exercised its rights stipulated in the share purchase agreement, resulting in the termination of the contract."

This content was produced with the assistance of AI translation services.