Lotte Chemical signs deal to buy Engro Corp's 56.19% stake i

Share purchase deal covers 510,733,455 ordinary shares at Rs 38.60 apiece and still needs regulatory clearance Lotte Chemical Pakistan Limited has agreed to buy Engro Corporation Limited's whole holding in Engro Polymer & Chemicals Limited, a block of 510,733,455 ordinary shares that works out to roughly 56.19% of the polymer maker's issued and paid-up ordinary capital, priced at Rs 38.60 each and worth Rs 19.7 billion in total. The agreement is dated 31 August 2026. All three listed companies filed separate notices with the Pakistan Stock Exchange on 1 September 2026. 'The company has entered into Share Purchase Agreement dated 31 August 2026 with M/s. Engro Corporation Limited for the acquisition of 510,733,455 ordinary shares and representing approximately 56.19% (Fifty-Six-Point One Nine percent) of the issued and paid-up ordinary share capital of M/s. Engro Polymer & Chemicals Limited at a price of Rs 38.60 per ordinary share,' read Lotte Chemical Pakistan's notice to the PSX. Engro Corporation is wholly owned by Engro Holdings Limited, which described the block as its subsidiary's full stake in the polymer maker. Engro Polymer said it had learned of the agreement from Engro Corporation on 31 August 2026. The aggregate transaction value is Rs 19.7 billion (Rs 38.6 / share). Engro Holdings and Engro Polymer both said the remaining steps include terms set out in the agreement itself, along with corporate and regulatory clearances and any consents that apply. Lotte Chemical described the outstanding requirements as the working through of the agreement's terms, regulatory sign-off and the satisfaction of customary conditions. Engro Holdings said its notice followed an earlier one issued on 13 March 2026, and Engro Polymer pointed back to a filing of its own dated 10 March 2026. In March 2026, Lotte Chemical Pakistan made a non-binding offer to Engro Corporation Limited to acquire about 56.19% of the issued and paid-up share capital of Engro Polymer & Chemicals Limited. Lotte Chemical Pakistan Limited was incorporated in Pakistan on 30 May 1998 under the Companies Ordinance, 1984, since repealed by the Companies Act, 2017. Its principal activity is the manufacture and sale of Pure Terephthalic Acid (PTA). Engro Polymer & Chemicals Limited was incorporated in Pakistan in 1997 under the repealed Companies Ordinance, 1984. It is a subsidiary of Engro Corporation Limited, itself a subsidiary of Engro Holdings Limited. Its principal activity is to manufacture, market and sell Poly Vinyl Chloride (PVC), Vinyl Chloride Monomer (VCM), caustic soda and other related chemicals. It also supplies surplus power from its power plants to Engro Fertilizers Limited. Engro Holdings Limited, formerly Dawood Hercules Corporation Limited, was incorporated in Pakistan on 17 April 1968 as a public limited company under the Companies Act, 1913. Its principal activity is managing investments, including those in its subsidiaries and associated companies.