Korea Seven to Raise 480 Billion KRW Through Paid-in Capital Increase for Ministop Operating Funds
[Asia Economy Reporter Lee Seung-jin] Korea Seven, the operator of convenience store Seven Eleven, announced on the 23rd that it will conduct a paid-in capital increase worth 480 billion KRW through a rights offering to shareholders.
Of the funds raised through the capital increase, 330 billion KRW will be used to invest in Lotte CVS, which will operate Korea Ministop, and 150 billion KRW will be used as operating funds.
Earlier, Lotte Holdings acquired 100% of Korea Ministop's shares for about 313.3 billion KRW and then transferred the buyer status and rights and obligations to Lotte CVS.
Korea Seven will hold 100% of Lotte CVS shares and operate Korea Ministop.
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The Fair Trade Commission approved the acquisition of Korea Ministop by Korea Seven the day before, stating there are no concerns about competition restrictions.
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