In today’s briefing:
- Lotte Corp Sells 145 Billion Won Worth of Treasury Shares to Lotte Moolsan – Negative Governance
Lotte Corp Sells 145 Billion Won Worth of Treasury Shares to Lotte Moolsan – Negative Governance
- After the market close on 26 June, LOTTE Corporation (004990 KS) announced that it sold 5% of its outstanding shares worth 145 billion won to its affiliate Lotte Moolsan.
- This is poor corporate governance since the company should be cancelling the treasury shares instead.
- Major reason why Lotte Corp sold its 5% stake in the company to Lotte Moolsan is to have the Lotte Group Chairman’s Shin family maintain control over the Lotte Group.
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