Lotte Chemical Pakistan to Rebrand as Noventra, Double Share Capital to Rs40 Billion

KARACHI: Lotte Chemical Pakistan Limited is preparing for one of the biggest corporate identity shifts in its history, with its board proposing to rename the listed chemical producer Noventra Limited and double its authorized share capital to Rs40 billion.

The company's board of directors approved the proposals through a circular resolution dated August 28, but shareholders must still clear both changes before they can take effect. The board wants to increase authorized capital from Rs20 billion, comprising 2 billion ordinary shares of Rs10 each, to Rs40 billion, divided into 4 billion ordinary shares of Rs10 each.

The proposed makeover carries significance beyond a simple name change. It comes less than a year after South Korea’s Lotte Chemical completed its exit from the Pakistani PTA business, ending an ownership relationship that stretched back to 2009.

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Lotte Chemical Corporation sold its 75.01% holding in the Pakistani company to PTA Global Holding Limited, a vehicle established by AsiaPak Investments and UAE-based Montage Commodities. The Korean parent said it received KRW98 billion from the transaction, while its total proceeds reached KRW127.6 billion after including dividends collected over the preceding three years.

Noventra Name Signals Life After Lotte

The proposed Noventra Limited identity therefore looks like the clearest corporate break yet from the company’s former South Korean ownership.

This would not mark the first transformation in the business’s history. The PTA operation began under ICI, became Pakistan PTA Limited after a demerger in 2000 and entered the Lotte fold following an acquisition in 2009. The company adopted the Lotte Chemical Pakistan name in 2013. PTA Global Holding completed its acquisition in 2025.

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Despite the branding overhaul, the company remains a strategically important player in Pakistan’s industrial supply chain. Its Port Qasim facility can produce 500,000 tonnes of Purified Terephthalic Acid (PTA) annually. PTA provides a critical raw material for polyester fibre, filament yarn, films and PET bottles, linking the producer directly with Pakistan’s textile and packaging industries.

Rs40 Billion Capital Plan Opens Bigger Corporate Headroom

The doubling of authorized share capital also deserves attention. Authorized capital represents the maximum share capital a company can issue under its constitutional documents. Raising that ceiling does not automatically mean that Lotte Chemical Pakistan will immediately issue Rs20 billion worth of new shares.

Instead, the proposal would give the future Noventra considerably more room for potential capital raising, corporate restructuring or other equity-related actions, subject to applicable approvals and future board decisions.

The company currently has approximately 1.514 billion issued shares, while its market capitalization stood around Rs42.49 billion based on the latest PSX data available before the disclosure. Its shares closed at Rs28.04 on August 28.

If shareholders approve the resolutions and regulators grant the required clearances, one of Pakistan’s best-known chemical-sector names will disappear from the corporate landscape. Lotte Chemical Pakistan will become Noventra Limited, formally opening its post-Lotte chapter.