April 26, 2017 / 7:44 AM / 3 years ago

S.Korea's Lotte Group to create holding company -units

SEOUL, April 26 (Reuters) - South Korea’s Lotte Group is creating a holding company by merging parts of four listed units including retailer flagship Lotte Shopping Co Ltd, the units said in filings on Wednesday.

Lotte Shopping, Lotte Confectionery Co Ltd, Lotte Chilsung Beverage Co Ltd and Lotte Food Co Ltd said each unit was splitting into two companies each, after which four out of the resulting eight firms will be combined into one holding company.

Lotte Group said in January that the four units were looking at ways that a holding company structure could be utilised, to resolve cross-shareholding issues and increase governance transparency. (Reporting by Joyce Lee)

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