UAE-based PTA Global Holding Limited has acquired a majority stake in Lotte Chemical Pakistan Limited.
According to a filing with the Pakistan Stock Exchange (PSX), PTA Global Holding Limited has acquired a total of 1,192,292,329 ordinary shares, representing approximately 78.74% of the company’s issued and paid-up capital.
The acquisition includes 1.13 million shares (around 75.01%) purchased from Lotte Chemical Corporation, South Korea, and an additional 56.43 million shares (3.73%) acquired through a mandatory public offer to remaining shareholders under the Securities Act, 2015.
With the completion of this transaction, Lotte Chemical Corporation has fully divested its shareholding in the Pakistani entity, ending its ownership in Lotte Chemical Pakistan.
Following the acquisition, major changes have been made to the company’s leadership. The outgoing directors Jo Hyun Kwoun, Young Dae Kim, Seong Jun Park, Jae Sun Park, Cheolsoo Kim, Rashid Ibrahim, and Khurram Rashid have resigned from the board effective November 12, 2025.
To fill the resulting vacancies, the board appointed Imtiaz Ahmed, Adnan Afridi, Muhammad Zahoor Ilahee Cheema, Fehmina Khan, Faisal Ahmed Siddiqui, Osman Asghar Khan, and Shahid Ul Hassan Chattha as new directors.
Additionally, Imtiaz Ahmed has been appointed Chairman of the Board, succeeding Jo Hyun Kwoun, while Adnan Afridi has been named Chief Executive Officer, replacing Young Dae Kim. Both appointments took effect immediately on November 12, 2025.
As part of the leadership overhaul, the Audit Committee, HR and Remuneration Committee, and Share Sub-Committee have also been reconstituted in line with the new board structure.