PTA Global Replaces Asia-Pak as Lotte Chemicals Acquirer

Faisalabad-based Asia-Pak Investments Limited (APIL) and UAE-headquartered Montage Oil DMCC have agreed to acquire a 75.01% controlling stake in LOTTE Chemical Pakistan Limited (LCPL) from its South Korean parent, Lotte Chemical Corporation. The Share Purchase Agreement, signed on February 19, 2025, covers over 1.135 billion shares representing just over three-quarters of LCPL’s issued capital and marks a strategic divestment by Lotte as part of its broader business portfolio restructuring.

In May 2025, the Competition Commission of Pakistan (CCP) granted approval for the transaction after verifying that neither APIL nor Montage Oil is involved in PTA production, the core business of LCPL. This absence of market overlap means the acquisition is unlikely to affect competition, market concentration, or entry barriers an assessment made under Section 31(1)(d)(i) of the Competition Act, 2010.

The deal reflects Lotte Chemical Korea’s ongoing effort to streamline its operations amid declining profitability in the petrochemical sector. According to Yonhap News, the divestment brought in approximately KRW 97.9 billion (around USD 68 million), part of a larger asset-sale strategy aimed at offsetting losses from 2022 to 2024. For Pakistan’s PTA market, this change introduces a new ownership structure without disrupting production or supply for the local textile and polyester industries.