Lotte Non - Life Insurance Co., Ltd. announced that it expects to receive KRW 374.9999616 billion in funding from Hotel Lotte Co., Ltd., Victura Limited
October 09, 2019
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Lotte Non - Life Insurance Co., Ltd. (KOSE:A000400) announced private placement of 176,056,320 common shares at a price of KRW 2,130 per share for gross proceeds of KRW 374,999,961,600 on October 10, 2019. The transaction will include participation from Victura Limited for 167,253,504 shares and existing investor Hotel Lotte Co., Ltd. for 8,802,816 shares through third party allocation. The company will issue shares at a premium to par value of KRW 1,000 per share and are subject to lock-up. The number of outstanding shares will increase from 134,280,000 shares to 310,336,320 shares upon closing. The expected payment date is October 18, 2019.
Lotte Non-Life Insurance Co., Ltd. is a Korea-based insurance company specialized in non-life insurance business. The Companyâs insurance products include fire insurance, marine insurance, automobile insurance, guarantee insurance, specialty insurance, foreign casualty insurance, long-term insurance, annuity insurance and retirement income insurance, among others. In addition, the Company also provides loan services.
Lotte Non - Life Insurance Co., Ltd. announced that it expects to receive KRW 374.9999616 billion in funding from Hotel Lotte Co., Ltd., Victura Limited