Timefolio Secures 5.76% Stake in Lotte Gwangwang Gaebal
[Asia Economy Reporter Park So-yeon] Timefolio Asset Management, the number one private equity firm in South Korea, announced that it has purchased 570,000 shares of Lotte Tour Development on the open market since July 14, holding a total of 4,165,809 shares as of the 21st.
With this stock purchase, Timefolio becomes a major shareholder holding 5.76% of Lotte Tour Development's shares and is subject to stock transaction disclosure obligations.
Registered as an asset management company in 2016, Timefolio established a relationship with Lotte Tour Development by subscribing to 22 billion KRW of convertible bonds when Lotte Tour Development issued 40 billion KRW in convertible bonds in 2017.
Recognizing the potential of the Jeju Dream Tower complex resort project promoted by Lotte Tour Development, Timefolio also significantly increased its stake to 8.6% (5.93 million shares) by purchasing a large number of new shares and subscription rights during Lotte Tour Development's rights offering in 2018.
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After realizing investment returns following the opening of Dream Tower, Timefolio's shareholding fell below 5%, eliminating disclosure obligations, but with the recent stock purchases increasing its holdings, it has once again become a major shareholder of Lotte Tour Development.
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