South Korea: Indicted Lotte chairman plans to reshape conglomerate, pursue hotels IPO

Author(s): UNK | Date: October 25, 2016 | Language: English
Source: http://asia.nikkei.com/ | URL: https://goo.gl/Vgty17 | Type: Text

Lotte Group’s chairman, indicted in a corruption probe, on Tuesday unveiled a major restructuring of the beleaguered South Korean conglomerate in a move to bolster confidence among consumers and potential investors as it restarts plans to list its hotels arm.
In his first official media appearance since being indicted by prosecutors earlier this month, Shin Dong-bin said the country’s fifth-biggest conglomerate, with assets worth more than $90 billion, will adopt a holding company structure to simplify ownership and boost transparency.
As part of sweeping plans to overhaul the company founded by his father – also indicted in the probe – Shin pledged to inject 40 trillion won ($35 billion) in acquisitions, capital spending and other investments at the retail-to-chemicals group over the next five years. As well as restarting the Hotel Lotte listing, the group will list other blue-chip Lotte businesses, he said.

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