Lotte revives hotel IPO plan as group seeks to regain confidence

Published Tue, Oct 25, 2016 · 02:34 AM

[SEOUL] Lotte Group revived plans for an initial public offering of its hotel unit, kicking off what would be a key part of a campaign designed to improve the image of a South Korean business empire roiled by corruption allegations and feuding founding-family members.

The subsidiary, Hotel Lotte Co, will seek to list its shares, Group Chairman Shin Dong Bin said at a press briefing in Seoul, without specifying a timeframe.

In June, Korea's biggest operator of hotels and duty-free stores shelved plans for a potential US$4.5 billion sale - the year's biggest IPO globally at the time - after criminal investigations paralysed one of the country's busiest dealmakers.

BLOOMBERG

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to  t.me/BizTimes

Property

SUPPORT SOUTH-EAST ASIA'S LEADING FINANCIAL DAILY

Get the latest coverage and full access to all BT premium content.

SUBSCRIBE NOW

Browse corporate subscription here