Lotte Chemical said on Thursday it has sold about 75 per cent stake in its Pakistani subsidiary to Dubai-based PTA Global Holding for $68.94 million.   Lotte Chemical Pakistan produces 500,000 tons of high-purity terephthalic acid (PTA), used in polyester fibers, industrial yarns, and PET bottles, annually at its plant in Karachi.      Lotte Chemicals was once a small part of ICI. Over the past week, official confirmation came through that Lotte’s South Korean sponsors had sold a 75% stake in the company to a Dubai based joint venture between Montage Oil and AsiaPak Investments. Montage is a long-time oil broker in the UAE of Pakistani origin with liquid storage facilities in Sharjah, Karachi, Lahore, Ho Chi Minh City, and Qingdao. They also have dry storages in Vietnam and the UAE. While Montage has generally kept a low profile, AsiaPak is headed by Shaheryar Chishty, a former banker who has made a habit of pursuing orphan investments and has turned AsiPak into an investment vehicle with stakes in Thar Coal and the majority shares in K-Electric. He is also the owner of Daewoo Bus Service in Pakistan.  (ICE ISLAMABAD)

Fonte notizia: the dawn