LOTTE rental co.,ltd. announced that it expects to receive KRW 200 billion in funding from Hotel LOTTE Co,.ltd., Hotel Lotte Pusan Co., Ltd., LOTTE Himart Co.,Ltd., Lotte Insurance Co., Ltd., and Woori Home Shopping & Television Co., Ltd., and other investors.
March 13, 2016
Share
LOTTE rental co.,ltd. announced a private placement of 1,943,500 shares at KRW 102,907 per share for gross proceeds of KRW 199,999,754,500 on March 14, 2016. Each share has a face value of KRW 5,000 and will be issued at premium. The transaction will include participation from existing investors Hotel LOTTE Co,.ltd., Hotel Lotte Pusan Co., Ltd., LOTTE Himart Co.,Ltd., Lotte Insurance Co., Ltd., and Woori Home Shopping & Television Co., Ltd. for 403,715 shares, 208,898 shares, 95,231 shares, 95,231 shares, and 167,675 shares respectively. On closing, the investors will hold 20.77%, 10.80%, 4.90%, 4.90%, and 8.63% stake in the company respectively. The company will issue 0.1977976 new shares per each existing share held. The subscription date will start on April 16, 2016 and end on April 30, 2016. The payment date for the transaction is May 10, 2016. The transaction was approved by the board of directors of the company.
On April 18, 2016, the transaction has been approved by the board of directors of Lotte Insurance Co., Ltd.
Lotte Rental Co Ltd is a Korea-based company principally engaged in the vehicle rental business. The Company operates its business through two segments. The Rental Business segment is engaged in long or short-term car rental and used car sale. The Segment is also engaged in operation rental, financial rental, consumer goods rental and other general rental businesses. The Auto Lease and Installment Finance segment is engaged in long-term vehicle lease and vehicle installment finance businesses. The Company operates its business within domestic market and to overseas markets.
LOTTE rental co.,ltd. announced that it expects to receive KRW 200 billion in funding from Hotel LOTTE Co,.ltd., Hotel Lotte Pusan Co., Ltd., LOTTE Himart Co.,Ltd., Lotte Insurance Co., Ltd., and Woori Home Shopping & Television Co., Ltd., and other investors.