Timefolio Secures 7.19% Stake in Lotte Gwangwang Gaebal

[Asia Economy Reporter Ji Yeon-jin] Timefolio Asset Management increased its stake in Lotte Tour Development to 7.19% by purchasing 1.04 million shares on the market.

According to the electronic disclosure system on the 20th, Timefolio announced that it held 5,203,480 shares of Lotte Tour Development as of the previous day. Since securing a 5.76% stake in July, it raised its shareholding by 1.43% in just three months.

Registered as an asset management company in 2016, Timefolio established a relationship with Lotte Tour Development in 2017 by acquiring 22 billion KRW worth of convertible bonds out of the 40 billion KRW issued by Lotte Tour Development. Recognizing the potential of the Jeju Dream Tower complex resort project promoted by Lotte Tour Development, Timefolio further increased its stake to 8.6% (5.93 million shares) by purchasing a large amount of new shares and subscription rights during Lotte Tour Development’s rights offering in 2018.

After the opening of Jeju Dream Tower, Timefolio’s stake temporarily fell below 5% due to realizing investment gains, but it recently increased its holdings again, reemerging as a major shareholder of Lotte Tour Development.

Timefolio manages assets totaling 4.614 trillion KRW. In 2019, it became the first private equity fund manager to receive approval as a public fund manager.

As of the first half of 2022, Timefolio manages more than 10% of the total assets under management among 174 hedge fund asset management companies, and as of 2021, the average return of its 11 multi-strategy hedge funds under management reached 35.65%.

This content was produced with the assistance of AI translation services.