Shin Young-ja, Lotte Holdings, and 3 Companies Sell Shares Worth 61.7 Billion KRW

Foundation Side "Measures to Prepare for Inheritance Tax"

Shin Young-ja, the eldest daughter of the late Shin Kyuk-ho, honorary chairman and founder of Lotte Group, has consecutively sold shares of Lotte Holdings and Lotte Wellfood following the sale of Lotte Shopping shares to raise inheritance tax funds.

On the 24th, Lotte Holdings disclosed that Shin Young-ja, chairman of the Lotte Foundation, sold a total of 1,322,230 shares in three transactions on the 30th of last month (based on the change date), and on the 17th and 20th of this month. The sales proceeds amounted to 33.1 billion KRW. Shin’s stake in Lotte Holdings decreased from approximately 3,434,000 shares (3.27%) to about 2,112,000 shares (2.01%). On the same day, Lotte Wellfood also announced that Shin sold a total of 95,803 shares through three sales and one purchase, starting with 48,200 shares sold on the 30th of last month. The sales proceeds were 14.6 billion KRW. Shin’s stake in Lotte Wellfood dropped from approximately 236,000 shares (2.51%) to 140,939 shares (1.49%).

Shin Young-ja, former Chairperson of the Lotte Scholarship Foundation.
[Photo by Lotte Foundation]

Earlier, from the 14th of last month, Shin sold a total of 210,100 shares of Lotte Shopping through 25 transactions. The sales proceeds, including taxes and fees, were approximately 14 billion KRW. The Lotte Foundation explained that the sale of shares in the three companies?Lotte Shopping, Lotte Holdings, and Lotte Wellfood?was a measure to prepare for inheritance tax payments. The total amount from the disposal of shares in the three companies so far is 61.7 billion KRW.

After the death of honorary chairman Shin Kyuk-ho in January 2020, the heirs?Shin Young-ja, chairman of the Lotte Foundation; Shin Dong-joo, chairman of SDJ Corporation; Shin Dong-bin, chairman of Lotte Group; and Shin Yu-mi, former advisor to Hotel Lotte?received inheritance shares. Shin Dong-bin inherited 41.7% of the shares by company, and Shin Young-ja inherited 33.3%. It is known that Shin Dong-bin and Shin Young-ja agreed to pay the inheritance tax in installments over five years using the installment payment method.

Shin originally served as chairperson of the Lotte Scholarship Foundation, Lotte Samdong Welfare Foundation, and Lotte Welfare Foundation but resigned in 2018 during a trial. Currently, her daughter, Jang Hye-sun, serves as chairperson of the Lotte Scholarship Foundation and Lotte Samdong Welfare Foundation.

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