Shin Dong-bin, the chairman of Lotte Group in South Korea, said on Tuesday the company would reduce share of Lotte Hotel's subsidiaries and push for the listing of the company.
During the press briefing held at Lotte Hotel on the same day, he said the company would push ahead with management transparency as early as possible and deal with the 80 percent of cross-shareholding by end of this year.
He said, "We may need around 7 trillion won for the shifting of the holding company. As this amounts to net gains of several years, we are concerned about the shrinking of investment activities," adding that, "We will do our best to contribute to the national development."
Shin emphasized that Lotte is a Korean company, saying that, "Lotte Korea was set up by the founder Shin Kyuk-ho who aimed to invest money in Korea earned from Japan. We have reinvested money earned here in Lotte Korea."
