KARACHI: South Korea’s Lotte Chemical has sold approximately 75 per cent of its stake in its Pakistani subsidiary to Dubai-based PTA Global Holding for $68.94 million (98 billion won), the company announced on Thursday. The move is part of Lotte Chemical’s portfolio restructuring under a government-backed programme aimed at supporting loss-making petrochemical operations amid weak demand and excess supply.
Lotte Chemical Pakistan produces 500,000 tons of high-purity terephthalic acid (PTA) annually at its Karachi plant, used in polyester fibers, industrial yarns, and PET bottles. Following the stake sale, Adnan Afridi has been appointed chief executive officer of the subsidiary.
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Afridi said the company’s immediate focus will be on operational excellence and sustainable profitability. He highlighted plans to optimise plant efficiency, improve reliability, and integrate advanced energy-saving technologies to reduce production costs and boost competitiveness in Pakistan’s polyester and packaging industries.
The company aims to grow aggressively through mergers and acquisitions, seeking diversification and scale while positioning itself as a key industrial partner in the country’s chemical sector. Lotte Chemical described the acquisition as “the beginning of an exciting new chapter” defined by innovation, operational improvements, and strategic growth.