Interest in acquiring the majority of Lotte Chemical Pakistan has been expressed by Novatex Limited. In order to accomplish this, Novatex has made public its intention to purchase 75.01 percent of the stake of Lotte Chemical Pakistan Limited (LOTCHEM). Arif Habib Limited has been hired by the business to serve as the offer’s manager.
Additionally, SECP, the management of both firms, the Pakistan Stock Exchange, and Novatex have all been notified.
Novatex will reportedly make a non-binding bid to purchase 75.01 percent of Lotchem, or 1.14 billion shares, and control of the company, according to PAI, Mettis Global said today.
The necessary governmental licenses must first be obtained in order to complete this deal, though. Manufacturing and selling PET Resin and other types of Resin, PET Preforms, and BOPET film are Novatex’s main businesses.
The stock of LOTCHEM is currently up 77 paisa or 3.05 percent DoD, trading at Rs. 26
Two new facilities, one for the manufacturing of pet resin – bottle grade chips and the other for the production of amorphous polyester chips, were set up in 2007. The largest pet film manufacturing facility in Pakistan, Novatex Limited, started producing BOPET films under the brand name Krystofilms in 2012.
Europe, the Middle East, South Asia, North Africa, East Africa, New Zealand, and South and North America are among the regions to which Novatex Limited sells its goods.
To read our blog on “Salman Iqbal, the owner of ARY, has purchased stakes in Summit Bank,” click here.
