Lucky Core Ventures (LCV), a wholly-owned subsidiary of Lucky Core Industries Limited (LCI), has terminated a Share Purchase Agreement (SPA) with Lotte Chemical Corporation (LCC), a South Korean chemical giant, for the acquisition of over 1.13 billion ordinary shares of its affiliate Lotte Chemical Pakistan Limited (LOTCHEM).

The company shared the development in its notice to the Pakistan Stock Exchange (PSX) on Friday.

“Please be informed that Lucky Core Ventures (Private) Limited (LCV”), a wholly-owned subsidiary of Lucky Core Industries Limited, has terminated the SPA dated January 26, 2023 signed with Lotte Chemical Corporation for the acquisition of 1,135,860,105 ordinary shares of Lotte Chemical Pakistan Limited (LOTCHEM), constituting approximately 75.01% of the issued capital of LCPL,“ read the notice on PSX.

Lucky Core Industries shared the conditions required for completion could not be met within the time stipulated in the SPA 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,” the company added.

LCI, formerly known as ICI Pakistan Ltd, is a publicly listed company incorporated in Pakistan. The Company is engaged in five diverse businesses: polyester, soda ash, chemicals & agri sciences, pharmaceuticals and animal health.

Through these businesses, the company manufactures and trades in a wide range of products including polyester staple fibre (PSF), soda ash, general and specialty chemicals, pharmaceuticals, nutraceuticals, animal health products and agricultural products.