KARACHI: South Korea’s Lotte Chemical has sold a 75 percent stake in its Pakistani subsidiary, Lotte Chemical Pakistan Limited, to Dubai-based PTA Global Holding for $68.94 million (approximately 98 billion won).
The divestment comes as part of Lotte’s broader portfolio restructuring under a government-supported initiative aimed at supporting South Korea’s petrochemical sector amid global oversupply and weak demand.
Lotte Chemical Pakistan operates a state-of-the-art plant in Karachi with an annual production capacity of 500,000 tons of high-purity terephthalic acid (PTA), a key raw material for polyester fibers, yarns, and PET bottles.
Following the acquisition, Adnan Afridi has been appointed as the company’s new Chief Executive Officer. In a statement, Afridi described the transaction as the start of “an exciting new chapter defined by innovation, operational excellence, and strategic growth.”
He emphasized the company’s immediate focus on enhancing plant efficiency, improving reliability, and adopting advanced energy-saving technologies to reduce production costs. “This is not just about growth — it’s about setting a new performance standard for Pakistan’s chemical sector,” Afridi added.
The company plans to pursue expansion through mergers and acquisitions to diversify its portfolio and strengthen its role as a key growth partner for Pakistan’s polyester and packaging industries.
By Reuters
