Lotte Rental Denies Stake Sale Rumors, States "No Proposal or Decision Made"
Lotte Rental announced on the 22nd that there has been no concrete decision regarding the recently raised rumors of selling its management stake.
Regarding the report on the 21st about Lotte Group's plan to sell its stake in Lotte Rental, Lotte Rental disclosed, "Our largest shareholder and others have received proposals from external parties to sell their shares in Lotte Rental, but no concrete decision has been made to date."
As recent financial crisis rumors surrounding Lotte Group surfaced, the possibility of selling the management stake in Lotte Rental was raised as one of the self-help measures. The shares considered for sale are reportedly those owned by Hotel Lotte (37.80%) and Busan Lotte Hotel (22.83%).
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Lotte Rental is the leading car rental company in South Korea, recording an operating profit of 80.4 billion KRW on a consolidated basis in the third quarter of this year.
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