Karachi January 17 2024: Lucky Cement shall not purse the investment of PKR 3 billion committed to Lucky Ventures for acquisition of Lotte Chemical Pakistan business.
Earlier lucky cement announced investment of an amount of up to PKR. 3,000,000,000/- (pak Rupees Three Billion Only) in M/s. Lucky Core Ventures (Private) Limited (“LCV”), an associated undertaking of the Company, set up for acquiring majority shareholding in M/s. Lotte Chemical Pakistan Limited (“Lotte”).
M/ s. Lucky Core Industries Limited, vide letter bearing reference no. LCI/ComSec/03/2024 dated January 12, 2024, has informed that its wholly owned subsidiary LCV, has decided not to proceed with the above acquisition and has terminated the Share Purchase Agreement dated January 26, 2023 (“SPA”) signed with Lotte Chemical Corporation, due to non-fulfillment of conditions required for completion within the time stipulated in the SPA.
LCV vide publication dated January 16, 2024 has also withdrawn the public announcement of intention published on May 02, 2023 (as amended and extended from time to time) .
Consequently, the Company shall also not pursue the investment of up to PKR. 3,000,000,000/- (pak Rupees Three Billion Only) for acquisition of minority shareholding in LCV.
