Karachi: Arif Habib Limited has made a public announcement regarding its intention to acquire a significant portion of shares in Lotte Chemical Pakistan Limited, marking a notable move in the country's financial sector. The offer aims to acquire up to 189,173,552 ordinary shares of the company, which constitutes 12.49% of the issued ordinary share capital, as per the provisions of the Securities Act, 2015.
The announcement follows the initial declaration of intent made on February 17, 2025, by Arif Habib Limited, acting as the manager to the offer on behalf of AsiaPak Investments Limited and Montage Oil DMCC. These entities, collectively referred to as the Acquirers, had expressed their intention to acquire up to 1,135,860,105 ordinary shares of the Target Company. This move was initially communicated through publications in the Business Recorder and Nawa-i-Waqt newspapers.
An addendum to the initial announcement was published on July 8, 2025, by PTA Global Holding Limited, with Liberty Daharki Power Limited and Daewoo Pakistan Express Bus Service Limited acting in concert. This was done in accordance with the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. The designated market category for this transaction falls under the ambit of the Pakistan Stock Exchange.
According to information available from the Pakistan Stock Exchange (PSX), the acquisition involves substantial regulatory compliance, as mandated by the Securities Act and the Takeover Regulations. The offer document, along with all necessary documentation under Section 7 (5) of the Regulations, has been submitted to the relevant authorities and is scheduled for publication in leading newspapers on July 12, 2025.
This development is part of a larger strategy by the Acquirers to consolidate their holdings in Lotte Chemical Pakistan Limited, potentially influencing the chemical sector's dynamics within the country. The acquisition process underscores the ongoing trend of consolidation in Pakistan's corporate landscape, facilitated by regulatory frameworks that govern such transactions.