Conglomerate Lotte Group said its South Korean hotel arm Hotel Lotte Co Ltd, a key vehicle for control for the group?s South Korean businesses, will hire managers for an initial public offering by early September.
Lotte Group, in a text message sent to reporters, did not elaborate on when the listing will be completed, Reuters reported. Last week it said it expected Hotel Lotte to have a market capitalisation of about 10 trillion won (US$8.43 billion) after an IPO.