According to a notice at the Pakistan Stock Exchange, Lucky Core Venture (Pvt) Limited (LCV) has decided to terminate the share purchase agreement (SPA) for the acquisition of 1,136mn shares (75.01%) of Lotte Chemical Pakistan Limited (LOTCHEM). To recall, LCV initially entered into an SPA with Lotte Chemical Corporation on Jan 26, 2023.

As a result of this termination, LCV will be withdrawing the public announcement of its intention to acquire the aforementioned shares of LOTCHEM. LCV is a wholly-owned subsidiary of Lucky Core Industries Limited (LCI).

Recommendations

• Currently, we have a “HOLD” call on LOTCHEM with a Dec’24 TP of PKR 27.9/share, while we have a “BUY” call on LCI with a Dec’24 TP of PKR 937.1/share.

Courtesy – AHL Research