ISLAMABAD: Lottle Chemical, a South Korean company operating in Karachi, Pakistan, sold its 75% stake to a Dubai-based company. Lotte Chemical announced today that it has sold a 75% stake in its Pakistani subsidiary to PTA Global Holding, a Dubai-based company, for $68.94 million (98 billion won).
Portfolio Restructuring Under Government Programme
The transaction comes as Lotte Chemical works to restructure its portfolio under a government-led programme aimed at supporting loss-making petrochemical firms struggling with weak demand and excess supply.
Lotte Chemical Pakistan’s Operations
Lotte Chemical Pakistan, based in Karachi, produces 500,000 tons of high-purity terephthalic acid (PTA) annually. PTA is a key raw material used in polyester fibres, industrial yarns, and PET bottles.
Following the stake sale, Adnan Afridi has been appointed as the new chief executive officer of Lotte Chemical Pakistan, the company said in a statement issued late Wednesday.
Focus on Innovation and Growth
“The acquisition marks the beginning of an exciting new chapter in the company’s journey — one defined by innovation, operational excellence, and strategic growth,” the statement read. It added that the transition positions Lotte Chemical Pakistan as a key industrial growth agent for PET and PSF customers in the country.
CEO Outlines Future Strategy
Adnan Afridi said the company’s focus was on achieving operational excellence and sustainable profitability.
He said: “We are optimising plant efficiency, improving reliability, and integrating energy-saving technologies to reduce production costs.” “This is not about growth — but a new standard of performance for Pakistan’s chemical sector.”
Afridi said that efficiency improvements and energy initiatives are essential for the company, enabling it to be a growth partner for Pakistan’s polyester and packaging industries.
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Father travels 900-km to cook food for daughter
A devoted Chinese father travelled 900 kilometres to his daughter’s university to open a small food stall, after learning she missed the taste of home-cooked meals.
According to foreign media reports, the heartwarming story from northeastern China has captured widespread attention online. The man’s daughter, Li Bingdi, is a second-year student at Jilin Normal University in Siping, Jilin Province. For a year, she had complained that the food served in the university canteen lacked quality and the familiar flavour of home.
Moved by her words, the father quit his job at a barbecue restaurant in Tianjin, a southern city, and journeyed across China. Before leaving, he spent time learning to prepare dishes like fried rice and noodles, hoping to serve his daughter’s favourite meals.
