Novatex Limited has expressed its interest in acquiring control of 1.13 billion voting shares of LOTTE Chemical Pakistan, which is 75.01% of the paid-up capital of the company.
According to the notification issued to the PSX, Novatex has communicated its public announcement of intention regarding the acquisition of significant shares in LOTTE Chemical Pakistan through its manager, Arif Habib Limited.
Novatex Limited was incorporated in 1991. It started manufacturing Polyester Chips – Textile Grade in the year 1997. The year 2002 witnessed a major expansion in the company when it diversified itself as a manufacturer of Pet Resin – Bottle Grade Chips.
In 2007, two new plants were installed, i.e., for the production of polyester chips of amorphous grade and another facility to produce pet resin – bottle grade chips. In 2012, Novatex Limited commenced production of BOPET films under the brand name of Krystofilms, which is the biggest plant of pet films in Pakistan.
Novatex Limited exports its products to Europe, the Middle East, South Asia, North Africa, East Africa, New Zealand, and South and North America.
Source: Pro Pakistan