South Korean Firm Acquires Pakistan PTA
KP Chemical, a subsidiary of the South Korea-based LOTTE group, has become a majority shareholder in Pakistan PTA (PPTA), the Daily Times reports.
The acquisition will make PPTA an official member of the LOTTE Group and help leverage KP Chemical's strategy to seek new markets and accelerate growth in one of its core businesses.
PPTA produces pure terephthalic acid (PTA), the main raw material used in the manufacture of polyester filament yarn, polyester staple fibre and PET bottles.
PPTA is the largest foreign direct investment worth almost $500m in Pakistan's petrochemical industry, the news agency reports.