PTA Global Holding Limited, a UAE-based company, has replaced AsiaPak Investments Limited and Montage Oil DMCC as the new acquirer in the planned acquisition of a 75.01% stake in Lotte Chemical Pakistan Limited.
Arif Habib Limited, manager to the offer, disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Monday.
AHL announced the change in acquirer, resulting from a revised capital ownership structure, through an addendum submitted to the bourse.
“We, Arif Habib Limited would like to inform, vide this addendum to the Public Announcement of Intention, that due to a change in the capital ownership structure of the acquirers, a new foreign entity i.e. PTA Global Holding Limited will replace AsiaPak Investments Limited and Montage Oil DMCC as the acquirer for the acquisition of up to 1,135,860,105 of the ordinary shares (75.01%) of Lotte Chemical Pakistan Limited with Liberty Daharki Power Limited and Daewoo Pakistan Express Bus Service Limited acting in concert,” AHL said in its notice
PTA Global Holding Limited is incorporated in the UAE and is directly owned by Asiapak Investments Limited and Montage Oil DMCC with equal stake in the shareholding.
“It is intended that PTA Global Holding Limited will only hold Asiapak Investments Limited and Montage Oil DMCC’s interest in LCPL,” read the notice.
Earlier in February, the Board of Directors of Lotte Chemical Corporation (LCC Korea), the majority shareholder of Lotte Chemical Pakistan Limited entered into a Share Purchase Agreement to sell the entire stake in the Pakistani subsidiary to AsiaPak Investments Limited and Montage Oil DMCC.
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.
