KARACHI: In a significant corporate development, LOTTE Chemical Pakistan Limited (PSX: LOTTE) has undergone a complete change in ownership and control, following a major buyout by PTA Global Holding Limited. The transaction, which has resulted in PTA Global Holding acquiring a controlling 78.74% stake in the company, has also led to a sweeping overhaul of its board of directors and top management.
The acquisition process took place in two stages. First, PTA Global Holding acquired 1,135,860,105 ordinary shares, representing 75.01% of the company’s paid-up capital, from the previous parent company, Lotte Chemical Corporation of South Korea. Subsequently, it purchased an additional 56,432,224 shares, or 3.73%, through a Mandatory Public Offer made to the remaining shareholders. As a result, Lotte Chemical Corporation has divested its entire shareholding in the Pakistani entity.
In response to the ownership change, the company’s board of directors convened and approved a series of immediate changes. All seven members of the previous board, including Chairman Mr. Jo Hyun Kwoun and CEO Mr. Young Dae Kim, tendered their resignations. The new seven-member board has been appointed, with Mr. Imtiaz Ahmed elevated to Chairman, replacing Mr. Kwoun, and Mr. Adnan Afridi appointed as the new CEO, taking over from Mr. Kim.
The newly formed board also includes Mr. Muhammad Zahoor llahee Cheema, Ms. Fehmina Khan, Mr. Faisal Ahmed Siddiqui, Mr. Osman Asghar Khan, and Mr. Shahid UI Hassan Chattha. Following the board’s reconstitution, key committees, including the Audit Committee, HR and Remuneration Committee, and Share Sub-Committee, have also been restructured.
This transformation marks a completely new direction for LOTTE Chemical Pakistan under the control of PTA Global Holding Limited. The market will be closely watching the impact of these changes on the company’s future performance.
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