Karachi, November 12, 2025 – Lotte Chemical Pakistan Limited announced major changes to its board of directors and executive leadership following the completion of a significant acquisition by PTA Global Holding Limited, the company confirmed in a statement to the Pakistan Stock Exchange (PSX) on Wednesday.
According to the official disclosure, PTA Global Holding Limited has acquired 1,135,860,105 ordinary shares from Lotte Chemical Corporation, South Korea, representing 75.01% of the total issued and paid-up share capital of Lotte Chemical Pakistan. In addition, PTA Global acquired 56,432,224 ordinary shares through a mandatory public offer to remaining shareholders, representing an additional 3.73% of total share capital.
As a result, PTA Global Holding Limited now holds, directly and indirectly through affiliates, 1,192,292,329 ordinary shares, accounting for approximately 78.74% of Lotte Chemical Pakistan’s issued share capital, while Lotte Chemical Corporation, South Korea, has completely divested its holdings in the company.
Board Resignations and New Appointments
Following the acquisition, the company’s Board of Directors approved the resignation of the following directors, effective immediately from November 12, 2025:
1. Mr. Jo Hyun Kwoun
2. Mr. Young Dae Kim
3. Mr. Seong Jun Park
4. Ms. Jae Sun Park
5. Mr. Cheolsoo Kim
6. Mr. Rashid Ibrahim
7. Mr. Khurram Rashid
To fill the vacancies, the following individuals were appointed as directors for the remainder of the outgoing directors’ terms:
1. Mr. Imtiaz Ahmed
2. Mr. Adnan Afridi
3. Mr. Muhammad Zhaoor Ilahee Cheema
4. Ms. Fehmina Khan
5. Mr. Faisal Ahmed Siddiqui
6. Mr. Osman Asghar Khan
7. Mr. Shahid Ul Hassan Chattha
Leadership Changes
Consequent to these changes, Mr. Imtiaz Ahmed has been appointed as the Chairman of Lotte Chemical Pakistan, replacing Mr. Jo Hyun Kwoun. Additionally, Mr. Adnan Afridi has assumed the role of Chief Executive Officer (CEO), succeeding Mr. Young Dae Kim, with immediate effect from November 12, 2025.
Committee Reconstitution
The changes at the board level have also led to the reconstitution of key committees, including the Audit Committee, the HR and Remuneration Committee, and the Share Sub-Committee, ensuring smooth governance and operational continuity.
With these strategic appointments, Lotte Chemical Pakistan positions itself for strengthened leadership under PTA Global Holding Limited, aiming for enhanced corporate governance and long-term growth in the chemical sector.