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New owner to boost Lotte Insurance's capital by 375B won

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New owner to boost Lotte Insurance's capital by 375B won

JKL Partners Inc. plans to boost Lotte Insurance Co. Ltd.'s capital by 375 billion won after it receives regulatory approval to acquire the nonlife insurer from South Korea's Lotte Group, The Chosun Ilbo reported, citing the private equity firm.

Hotel Lotte Co. Ltd. will take part in the capital increase to maintain a noncontrolling stake in Lotte Insurance. JKL Partners expects to close the acquisition and complete the capital increase in October.

Lotte Insurance's risk-based capital ratio is expected to exceed 190% after the capital increase, according to The Chosun Ilbo.

As of Sept. 2, US$1 was equivalent to 1,211.90 South Korean won.