Lotte Confectionery invest in Pakistan
28 October 2010 – South Korea’s Lotte Confectionery has reportedly signed an agreement to acquire a 69.45% stake in Pakistani firm KS Sulemanji Esmailji & Sons (Kolson) for 20 billion won (about $17.9 million).
Established in 1942, Kolson is a leading Pakistani producer of snacks, biscuits, cereals and pasta. Saifuddin Sistanwala, CEO of Kolson says, “The strategic alliance with Lotte Confectionery will help expand into the lucrative Central Asian countries.”
Meanwhile, for Lotte, the alliance with Kolson “offers strong potential to growth” since Pakistan offers access to a “promising market of 170 million consumers,” says JW Lee, Director Lotte Confectionery.
