Lotte Chemical Corp Sells Majority Stake in Pakistan Unit

Lotte Chemical Corp is selling its 75% stake in Lotte Chemical Pakistan as part of its business portfolio overhaul. AsiaPak Investments and Montage Oil have placed a bid for the stake. The sale awaits the execution of a share purchase agreement, according to the Pakistan Stock Exchange filing.

Lotte Chemical Corp, based in South Korea, has decided to divest its 75% stake in Lotte Chemical Pakistan. The decision was made public through a filing with the Pakistan Stock Exchange on Wednesday.

The bid for the stake was submitted by AsiaPak Investments, a private investment firm active in Pakistan and Hong Kong, as well as by Montage Oil, a Middle Eastern oil and gas company.

This move is part of Lotte Chemical's strategy to revamp its business portfolio. The sale will be finalized upon the signing of a share purchase agreement, as stated in the filing.

(With inputs from agencies.)