March 24, 2017 / 8:22 AM / 3 years ago

S.Korea's Lotte Shopping says to inject $192 million for China business

SEOUL, March 24 (Reuters) - South Korea’s Lotte Shopping Co Ltd said on Friday it will inject $192 million into an Hong Kong affiliate via a rights issue to infuse funds into its China operations.

The retailer said in a regulatory filing that the injection is to raise funds for its hypermarket and supermarket business in China “for smooth business.”

This month, Chinese authorities closed dozens of retail stores of South Korea’s Lotte Group following inspections, ramping up pressure on the conglomerate amid a diplomatic standoff. (Reporting by Joyce Lee; Editing by Kim Coghill)

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