"Due to Inheritance Tax?" Late Shin Kyuk-ho's Eldest Daughter Shin Young-ja Sells Lotte Holdings and Chilsung Stocks

[Financial News] Shin Young-ja (83), the eldest daughter of the late Shin Kyuk-ho, honorary chairman and founder of Lotte Group, and chairperson of Lotte Foundation, is continuously selling her shares in Lotte Group affiliates.

According to the Financial Supervisory Service's electronic disclosure system on the 23rd, Chairperson Shin sold 247,073 common shares of Lotte Chilsung Beverage through an off-hours trading method the previous day. The price per share was 129,960 KRW, amounting to approximately 32.1 billion KRW.

Previously, Chairperson Shin sold all her shares of 2,112,000 shares of Lotte Holdings and 77,654 shares of Lotte Shopping through off-hours trading on the 10th, 14th, and 16th. The transaction amounts were 67 billion KRW for Lotte Holdings and 5.8 billion KRW for Lotte Shopping.

As a result, the only shares Chairperson Shin currently holds among Lotte Group's listed companies are those of Lotte Wellfood (formerly Lotte Confectionery and Lotte Foods), the group's origin. Chairperson Shin owns 140,939 shares of Lotte Wellfood, and applying the current price of 125,200 KRW per share, the value is 17.64556 billion KRW.

Chairperson Shin also holds numerous shares in unlisted companies within the Lotte Group, but it has not been confirmed whether she has sold any shares of unlisted affiliates. A Lotte Foundation representative explained, "This is a measure to pay inheritance tax," adding, "It is a personal matter for Chairperson Shin, and there is nothing more known."
bng@fnnews.com Kim Hee-sun Reporter