South Korean investor to sell Lotte Chemical Pakistan Ltd to YB Group

A South Korean chemical company announced on Monday it’s exiting the Pakistan market after 13 years. Lotte Chemical Company Pakistan Ltd said its South Korea–based majority shareholder is selling its entire stake of 75.01 per cent in the local firm to optimise its overall business portfolio. Separately, Lucky Core Industries Ltd said it’s buying the shareholding from the foreign investor. Neither of the two companies disclosed the size of the transaction in their respective securities filings. But based on a Bloomberg News story that referred to the transaction value in the South Korean currency, analysts said the deal was signed at Rs31.30 per share. This means the local acquirer will pay $155.8 million or Rs35.5 billion for a three-quarters stake in the company valued at $207.7m. Speaking to Dawn, Arif Habib Ltd CEO Shahid Ali Habib said the importance of the deal couldn’t be overemphasised in view of the prevailing economic and political situation.