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Lotte revives hotel IPO plan as group seeks to regain confidence
[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.