Karachi: Lotte Chemical Pakistan Ltd has publicly announced its intention to acquire more than 56.19% of shares and control of Engro Polymer Chemicals Limited, a move that marks a significant shift in the chemical sector's landscape. The announcement, dated March 10, 2026, outlines a detailed plan for the acquisition process, which will be conducted in compliance with the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.

The acquisition will be executed through a Share Purchase Agreement for approximately 510.73 million shares, accounting for about 56.19% of the Target Company’s paid-up capital. Additionally, a public offer will be made for 159.09 million shares, representing a further 17.50% of the company. This acquisition aligns with Regulation 14 of the 2017 Regulations and could potentially involve a competitive bid under Regulation 17 if another bidder emerges.

Lotte Chemical Pakistan Limited, located at Port Qasim, Karachi, is a prominent player in the manufacture and sale of Purified Terephthalic Acid (PTA), which is crucial for the domestic polyester and PET industries. According to information available from the Pakistan Stock Exchange (PSX), this intended acquisition is a significant move for Lotte Chemical, reflecting a strategy to strengthen its market position and expand its operational footprint.

The acquirer has identified several key individuals involved in the acquisition, including Mr. Shaheryar Arshad Chishty, Mr. Muhammad Ali Cheema, and Mr. Faraz Ahmed, who are listed as ultimate controlling shareholders. The manager to the offer is Arif Habib Ltd, based in Karachi.

Lotte Chemical operates a modern plant with a capacity of 500,000 tonnes per annum. The company utilizes advanced technology from Invista Performance Technologies (IPT) and sources its feedstock from distinguished international suppliers. The acquisition is poised to contribute significantly to downstream industrial development and foreign exchange savings for Pakistan.

The transaction falls under the Chemicals category in the designated market classification and is expected to influence the market dynamics significantly. As the process unfolds, stakeholders within the sector will closely monitor its implications on the domestic and regional chemical industry.