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Lotte to list data communication unit on South Korean bourse

South Korean retailer Lotte Shopping Co. Ltd. submitted an application for preliminary reviews in order to debut its IT solutions unit Lotte Data Communication Co. on the Korea Exchange, Yonhap News Agency reported March 15.

This move came as a part of Lotte's strategy to become a global IT service provider. This tech unit's proposed IPO follows holding company Lotte Corp.'s Oct. 30, 2017, listing on Korea Exchange.

Lotte Data Communication, whose merger with Lotte Corp. is slated to complete in April, plans to push further into Southeast Asian markets including Vietnam and Indonesia, the report added.

The CEO Ma Yong-deuk said Lotte will expand its foothold in the global market "through the listing," also vowed to improve the shareholder value and managerial transparency, the report added.