Hotel Shilla JV picked as preferred bidder for Macau duty free shops

[SEOUL] A joint venture that includes South Korea's Hotel Shilla Co Ltd was picked as the preferred bidder to operate a portion of the duty free stores at Macau International Airport.

The move helped push up the company's shares to a record high.

Hotel Shilla, Samsung Group's hospitality and duty free unit, and its cross-town rival, Lotte Duty Free, have been hunting for overseas expansion opportunities to replicate their success in South Korea, the world's biggest duty free market.