Karachi January 12 2024: Lucky Core Ventures (Private) Limited (LCV), a wholly owned subsidiary of Lucky Core Industries Limited, has terminated the Share Purchase Agreement for acquisition of 75.01% stake in Lotte Chemical.
Lucky Core on January 26, 2023 signed SPA with Lotte Chemical Corporation for the acquisition of 1,135,860,105 ordinary shares of Lotte Chemical Pakistan Limited (“LCPL”), constituting approximately 75.01% of the issued capital of LCPL.
The conditions required for completion could not be met within the time stipulated in the Share Purchase Agreement and accordingly LCV has decided not to proceed with the transaction.
Consequently, LCV will be withdrawing the notice of Public Announcement of intention in relation to the aforementioned acquisition published in the newspaper on May 2, 2023, amended and restated on September 22, 2023 and extended vide publication dated October 27, 2023 in accordance with the Listed Companies (Substantial Acquisition of Voting Shares and Takeover) Regulations, 2017.
