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South Korea's Lotte Insurance raises 375B won from share sale

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South Korea's Lotte Insurance raises 375B won from share sale

South Korea's Lotte Insurance Co. Ltd. said Oct. 10 that its board approved a plan to issue 176,056,320 shares to a JKL Partners Inc. special purpose corporation and Hotel Lotte Co. Ltd. at 2,130 won per share, for a total of 375 billion won, on Oct. 18.

The new shares will be listed Oct. 23.

In a separate filing, Lotte Insurance said JKL Partners Inc.'s special purpose corporation became its controlling shareholder after taking over a 53.49% stake from five existing shareholders, effective Oct. 10. Hotel Lotte will acquire the shares to maintain a noncontrolling stake in Lotte Insurance.

Meanwhile, JKL Partners Managing Director Choi Won-jin was appointed CEO of Lotte Insurance, effective Oct. 10.

As of Oct. 10, US$1 was equivalent to 1,190.81 South Korean won.