Lucky Core Industries Limited (LCI) announced on Friday that it has signed an “assignment and assumption agreement” with its wholly owned subsidiary, Lucky Core Ventures Limited, and Lotte Chemical Corporation of South Korea (LCC) to complete the transaction involving the sale of Lotte Chemical Pakistan Limited (LOTCHEM).
Earlier, LCI had signed a share purchase agreement with the South Korean firm for the acquisition of its 1.1 billion shares constituting 75.01 per cent stake in LOTCHEM.
With the signing of the “assignment and assumption agreement”, Lucky Core Ventures Limited will now be completing the transaction.
ICI Pakistan Limited changed its name to “Lucky Core Industries Limited” . Moreover, the company is acquiring 75% shareholding in Lotte Chemicals (LOTCHEM), which is the sole producer of PTA, the key raw material for the manufacturing of PSF. The company is also setting up a greenfield project of 1,000tpd float glass as part of JV with TGL.
The acquisition/investment will be largely financed via cash and debt.
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