April 26, 2024

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[THE INVESTOR] Korean retail giant Lotte said on March 15 it is pushing to debut its information technology solutions unit on the local stock market.

Lotte Data Communication said it submitted the application for a preliminary review of the listing to the Korea Exchange, Seoul’s main bourse operator, earlier in the day.

It marks the first initial public offering of a Lotte unit since October when the conglomerate launched its holding firm, Lotte Corp. At the time, Lotte said it was reviewing the listing of a number of its affiliates to bolster corporate and shareholder values.

Lotte Data Communication is undergoing a merger with Lotte Corp., which is set to be completed early next month.

The company plans to actively pursue mergers and acquisitions to secure competitiveness and accelerate its overseas push, starting with key Southeast Asian markets, including Vietnam and Indonesia.

“We will carry out new projects and expand our presence in the global market through the listing,” the company CEO Ma Yong-deuk said. He also vowed to continue efforts to improve managerial transparency and maximize the shareholder value.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)