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[Alpha Biz=(Chicago) Reporter Kim Jisun] Lotte Chemical made an announcement on the 16th that its plan to sell its Pakistani subsidiary, which operates non-core businesses such as the production of high-purity Terephthalic acid (PTA), has been canceled.
Lotte Chemical announced on the same day that its stock trading contract with Pakistani chemical company Lucky Core Industries (hereinafter referred to as Lucky Core) has been terminated to sell its entire 75.01% stake in its Pakistani subsidiary LCPL (LOTTE Chemical Pakistan Limited).
Previously, Lotte Chemical signed a contract to sell a 75.01% stake in LCPL to Lucky Core for 192.4 billion won on January 26 last year. However, the buyer, Lucky Core, did not make a stock tender offer until the 11th of this month, the deadline for closing the stock sale contract.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
