Karachi: Arif Habib Limited announced a timeline extension for the Public Announcement of Offer (PAO) related to Lotte Chemical Pakistan Limited's intended acquisition of a majority stake in Engro Polymer & Chemicals Limited. The notification, dated September 7, 2026, highlights ongoing regulatory approval processes delaying the acquisition.

The acquisition, initially publicized on March 12, 2026, involves Lotte Chemical Pakistan's intention to acquire 510,733,451 ordinary shares, representing 56.19% of Engro Polymer & Chemicals Limited's issued and paid-up capital. The original deadline for issuing the PAO was September 8, 2026.

According to information available from the Pakistan Stock Exchange (PSX), the acquirer, Lotte Chemical Pakistan, is utilizing its right to extend the PAO issuance period by an additional 90 days. This extension is in accordance with Regulation 7 (1) of the Listed Companies (Substantial Acquisition of Voting Shares and Take Overs) Regulations, 2017.

Consequently, the new deadline for making the PAO stands at December 7, 2026. The announcement underscores the acquirer's commitment to ongoing efforts aimed at securing necessary regulatory approvals to expedite the acquisition process.