CCP Clears AsiaPak, Montage Oil Deal for Lotte Chemical

ISLAMABAD, May 12: The Competition Commission of Pakistan (CCP) has approved the acquisition of a majority stake in Lotte Chemical Pakistan Limited (LCPL) by M/s AsiaPak Investments Limited (APIL) and M/s Montage Oil DMCC (MOD).

Under the Share Purchase Agreement with M/s Lotte Chemical Corporation (LCC), APIL and MOD will equally divide the acquired shareholding in LCPL.

The CCP assessed the transaction’s impact on the market for purified terephthalic acid (PTA), a key input in the polyester industry. APIL and MOD are not currently involved in the production of PTA. Therefore, the acquisition does not alter the existing market concentration.

The Commission found no horizontal or vertical overlaps between the merging parties. The transaction will not create entry barriers, increase market power, or reduce competition in the market. Based on this assessment, CCP approved the transaction under Section 31(1)(d)(i) of the Competition Act, 2010.

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APIL is a private investment company incorporated in the British Virgin Islands, with investments in infrastructure, energy, logistics, and technology. MOD, based in the UAE, is engaged in the global trade of oil and petrochemicals. LCPL is a publicly listed company in Pakistan engaged in the production of purified terephthalic acid.