Lotte Chemical sells 75% stake in Pakistani subsidiary for USD69 mln

About this update from Lotte Chemical Corporation

South Korean Lotte Chemical announced the sale of a 75% stake in its Pakistani subsidiary to UAE-based PTA Global Holding for 98 billion won ($68.94 mln), as per Reuters.Lotte Chemical Pakistan is the only producer of purified terephthalic acid (PTA) in the country, producing over 500,000 tons annually.Following the stake sale, Adnan Afridi was appointed CEO. He stated that the company plans aggressive growth "through mergers and acquisitions to ensure diversification and scale."The manufacturer is attempting to restructure its portfolio as part of a government program aimed at helping the country's unprofitable petrochemical companies due to low demand and excess supply.Lotte Chemical is one of the largest chemical companies in the world by revenue. It produces synthetic resins and other chemicals used in the production of various industrial materials. It is part of the international conglomerate LOTTE.Lotte Chemical Titan (LCTH), the Malaysian subsidiary of Lotte Chemical, has recently launched its new ethylene production complex LINE in Cilegon, Banten Province, Indonesia.mrchub.com

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