Lotte Rental’s Largest Shareholder Changes from Hotel Lotte Co., Ltd. to Lexicon; 61.17% Stake Acquired

[Financial News] Lotte Rental’s largest shareholder has changed from Hotel Lotte Co., Ltd. to Lexicon Korea Holdco Co., Ltd.
The process of transferring control was completed with the closing of the share purchase agreement for the sale of stakes held by Hotel Lotte Co., Ltd. and Lotte Hotel Busan.
Lotte Rental said in a disclosure on the 30th that its largest shareholder had changed from Hotel Lotte Co., Ltd. and four others to Lexicon Korea Holdco Co., Ltd.
Lexicon Korea Holdco Co., Ltd., the new largest shareholder, holds 22,122,063 shares, representing a 61.17% stake. Compared with the 22,122,139 shares held by the former largest-shareholder group, the number of shares has fallen by 76, while the ownership percentage remains unchanged.
The change in the largest shareholder came as Hotel Lotte Co., Ltd. and major shareholder Lotte Hotel Busan sold their shares. On August 11, the two parties signed a share purchase agreement to sell a total of 22,122,063 Lotte Rental shares to Lexicon Korea Holdco Co., Ltd., and the agreement closed today.
Lexicon Korea Holdco Co., Ltd. is acquiring the stake to participate in management. The acquisition funds were disclosed as having been raised through its own funds and borrowings.
There were also changes to the management team. At an extraordinary general meeting of shareholders held today, Lotte Rental appointed Yoon Shin-won and Zubin Jamshed Irani as other non-executive directors. Choi Young-jun, who had served as an other non-executive director, resigned.
As a result, alongside the change in its largest shareholder, Lotte Rental has also seen changes to the composition of its board.

[email protected] Kang Jung-mo Reporter