KP Chemical takes over Pakistan PTA

SEOUL, June 1 (Yonhap) -- KP Chemical Co., the petrochemical arm of South Korea's
Lotte Group, said Monday that it has acquired a controlling stake in Pakistan PTA
Ltd., a Pakistani petrochemical company.

KP Chemical bought a 75-percent stake in the Pakistani company from ICI Omicron
B.V. of the Netherlands, KP Chemical said.
The South Korean company plans to increase its stake in Pakistan PTA by 90
percent through a tender offer.
Pakistan PTA produces 500,000 tons of purified terephthalic acid (PTA) annually.
Its sales totaled an estimated US$470 million last year.
PTA is a raw material needed to make polyester fiber used in the production of
conveyor belts and fishing nets.
ksnam@yna.co.kr
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