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Novatex buying 75% stake of Lotte Chemical Pakistan

This acquisition, however, is subject to obtaining the requisite regulatory approvals. The principal business of Novatex is to manufacture and sell PET Resin and other types of Resin, PET Preforms and BOPET film.

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ISLAMABAD: Novatex Limited has shown interest in acquiring a majority stake of Lotte Chemical Pakistan.

For this purpose, Novatex has issued a Public Announcement of Intention (PAI) to buy 75.01% shares of Lotte Chemical Pakistan Limited (LOTCHEM). The company has engaged Arif Habib Limited as the Manager to the Offer.

Novatex has also informed the management Pakistan Stock Exchange, SECP, and shareholders of both the companies.

According to PAI, Novatex will acquire 75.01% or 1.14 billion shares and control of LOTCHEM through a non-binding offer, Mettis Global reported today.

This acquisition, however, is subject to obtaining the requisite regulatory approvals. The principal business of Novatex is to manufacture and sell PET Resin and other types of Resin, PET Preforms and BOPET film.

Currently, the stock of LOTCHEM is trading at Rs26 [10:44am PST], up by 77 paisa or 3.05% DoD.

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I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.

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