Lucky Core Ventures Announces Revised Intentions to Acquire Majority Stake in Lotte Chemical Pakistan Limited

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Karachi, Lucky Core Ventures (Private) Limited (the “Acquirer”) has formally announced its revised intentions to acquire a significant stake in Lotte Chemical Pakistan Limited (“Target Company”). This decision comes after the initial Public Announcement of Intention (PAI) published on May 02, 2023, wherein the Acquirer expressed its interest in acquiring approximately 75.01% of the total issued share capital of the Target Company.

The Acquirer, currently a wholly-owned subsidiary of Lucky Core Industries Limited (“LCI”), serves as a special purpose vehicle designed to facilitate and promote prospective growth projects. Under the revised plan, up to 49% shareholding of Lucky Core Ventures may be collectively acquired by Yunus Textile Mills Limited (“YTML”), Lucky Textile Mills Limited (“LTML”), and Lucky Cement Limited (“LCL”). The specific shareholding proportions of these entities will be determined at a later stage, either before or after the public offer. Nevertheless, LCI intends to maintain direct majority shareholding and control of the Acquirer.

To comply with the Securities Act, 2015, and the Listed Companies (Substantial Acquisition of Voting Shares and Take-Overs) Regulations 2017, the Acquirer has submitted an amended and restated copy of the PAI. This announcement outlines the Acquirer’s commitment to acquiring a significant portion of the Target Company’s shares, subject to regulatory approvals and due processes.

The Amended and Restated Public Announcement of Intention is scheduled for publication in both English and Urdu language daily newspapers on September 22, 2023. This move signals the Acquirer’s continued pursuit of its strategic objectives and its commitment to facilitating growth and development within the industry. Shareholders and stakeholders are closely watching these developments as they unfold in the coming weeks.

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