April 25, 2024

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[THE INVESTOR] Hotel Lotte needs more time to get listed, as its core duty-free business is being affected by China’s retaliatory actions against the decision to provide a site for THAAD anti-missile system, according to Hwang Gak-kyu, president of policy coordination, on April 3.

At a media conference to introduce the retail giant’s visions and strategies on the occasion of its 50th anniversary, Hwang said that the IPO will be feasible only when the duty-free business is back on track, with plans to go public as soon as possible. 

The planned initial public offering is a key agenda set by the South Korean conglomerate in October 2016 to improve its governance structure, as the hotel and duty-free arm of the group also serves as the de facto holding company of Lotte.

As for the Chinese government’s actions, including a series of business suspensions on a majority of Lotte Mart outlets in mainland China, the president remained cautious, saying that the group is keeping a close watch on the situation. 

By Hwang You-mee (glamazon@heraldcorp.com)