Lotte Chemical nears offloading Pakistani unit as part of restructuring

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The story "Lotte Chemical nears offloading Pakistani unit as part of restructuring" was covered 6 days ago by Korea Economic Daily, a news publisher based in South Korea.

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Lotte Chemical nears offloading Pakistani unit as part of restructuring - Korea Economic Daily

Quick Summary:

But debt-ridden Lotte Chemical decided to sell LCPL because the business did not conform to its new vision of transforming into an eco-friendly materials company with greater focus on specialty materials like polyethylene (PE), polypropylene (PP), polyethylene terephthalate (PET), lithium-ion battery materials and hydrogen.

The group’s hospitality units Lotte Hotel Co.and Busan Lotte Hotel agreed to sell their total 56.2% stake in the country’s No.1 car rental service firm Lotte Rental Co.to Hong Kong-based investment firm Affinity Equity Partners for 1.57 trillion won late last year.

According to sources in the chemical industry on Sunday, Lotte Chemical Corp., Korea’s No.2 petrochemical company under the retail-to-chemical conglomerate Lotte, is set to hand over a 75.01% stake in Lotte Chemical Pakistan Ltd.(LCPL) to a local private investment firm and a Middle Eastern oil and gas company.