ICI Pakistan Limited announced on Monday its intention to acquire approximately 75.01% shareholding of Lotte Chemical Pakistan Limited (LOTCHEM).

As per a notice sent to the Pakistan Stock Exchange (PSX), ICI informed that “Optimus Capital Management (Private) Limited, manager to offer, has submitted on July 22, 2022, a Public Announcement of Intention to acquire approximately 75.01% shareholding comprising 1.135 billion shares of Lotte Chemical Pakistan Limited on behalf of ICI Pakistan Limited in accordance with the provisions of the Securities Act 2015.”

ICI Pakistan Limited is part of the Yunus Brothers Group (YBG), a Pakistani conglomerate with a broad portfolio of businesses including, but not limited to: cement, textiles, power generation and commodity trading.

Japanese dairy giant looks to enhance stake in Pakistan's NutriCo Morinaga for $56.6mn

It announced a consolidated profit-after-tax (PAT) of Rs8.17 billion for the nine-month period that ended in March 2022, the latest financials available, a massive increase year-on-year when compared with a PAT of Rs4.36 billion in the same period of 2021.

Earlier this month, Japanese dairy giant Morinaga Milk Industry sent a conditional offer to ICI Pakistan to acquire an aggregate of approximately 33.3% of the issued and paid-up share capital of NutriCo Morinaga (Private) Limited (NMPL), a subsidiary of ICI Pakistan, from NMPL's existing shareholders including that of ICI Pakistan.

The acquisition is set at an aggregate price of $56.6 million which translates to approximately $2.07/- per share, said ICI Pakistan in its notice sent to the PSX.