AsiaPak Investment Company Limited and Montage Oil DMCC have submitted an offer to acquire a 75.01% stake in Lotte Chemical Pakistan Limited, according to a notice shared by Arif Habib Limited (AHL) with the Pakistan Stock Exchange (PSX) on Thursday.
In a statement, AHL, acting as the manager to the offer, said, “On behalf of the Acquirer(s), we are pleased to submit a Public Announcement of Intention to acquire at least 75.01% shares of Lotte Chemical Pakistan Limited (the ‘Target Company’).” The acquirers also plan to make a public offer for at least 50% of the remaining voting shares, in compliance with Regulation 14 of the Listed Companies Regulations, 2017.
Acquirers and Their Background
The ultimate acquirers include AsiaPak Investments Limited, led by Shaheryar Arshad Chishty, and Montage Oil DMCC, represented by Muhammad Ali Cheema and Faraz Ahmed.
- AsiaPak Investments Limited: An investment holding company with controlling stakes in Daewoo Pakistan Express Bus Service Limited and Liberty Power Limited. AsiaPak was also the original developer and remains a minority shareholder in the Thar Coal Block 1 coal mine, a key project under the China-Pakistan Economic Corridor (CPEC) “early harvest” initiative.
- Montage Oil DMCC: A UAE-based company specializing in managing complex supply chains for petrochemical manufacturers and consumers. Montage Oil operates liquid storage facilities in Sharjah, Karachi, Lahore, Ho Chi Minh City, and Qingdao, as well as dry bulk storage facilities in Vietnam and the UAE.
Strategic Intent
The acquirers aim to secure majority control of Lotte Chemical Pakistan Limited, a leading player in the country’s petrochemical sector. The acquisition aligns with their broader strategy to expand their footprint in the petrochemical and industrial sectors.
