Lotte Vice Chairman Hwang says, ‘Lotte to secure growth engines through M&As’
Lotte Vice Chairman Hwang says, ‘Lotte to secure growth engines through M&As’
  • Lee Jun-sung
  • 승인 2020.03.30 12:00
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Lotte Vice Chairman Hwang Kak-kyu / Graphics = Korea IT Times

Lotte Holdings has unveiled a plan to seek business opportunities in advanced markets, mergers and acquisitions (M&As), listing of affiliates and investing in them this year.

Vice Chairman Hwang Kak-kyu said at a shareholders' meeting of Lotte Holdings held at Lotte World Tower in Jamsil, Seoul on March 27, "With the unpredictable spread of the COVID-19, companies were given homework to come up with a new success strategy that is completely different from what they have ever experienced. We will put all our capabilities into taking advantage of the current crisis."

“With the COVID-19 crisis, it will be a very tough year for not only Lotte Holdings, but also for all companies and the people,” he added, "The cross-border blockade and travel ban will have unimaginable repercussions, and the global slowdown is expected to become very serious."

"Since the launch of the holding company, we have been pushing to eliminate cross-shareholdings and strengthen transparency in management and have also implemented IPOs of subsidiaries such as information and communication," Hwang said at the shareholders' meeting. "We will continue to complete a more transparent governance system through additional IPOs and make itself a growth engine as a global company."

This means that other affiliates other than Hotel Lotte will be listed when they have an appropriate time. However, the listing of Hotel Lotte is expected to be delayed as its performance has deteriorated due to the COVID-19.

The business community predicts that Lotte Group will push for IPO of Korea Seven, which runs convenience store 7-Eleven, and Lotte GRS, which operates Lotteria.

He also emphasized finding future growth engines. “We will focus on finding future growth engines by making new definitions of the industry and making creative attempts,” Hwang said, adding that if there is Amazon in the U.S., we are confident that Lotte On, an integrated online mall of its affiliates that will be launched next month, will lead the market.

"We are planning to preemptively invest in various venture capital and venture companies at home and abroad to secure technologies and capabilities that are needed for future growth," said Vice Chairman Hwang, adding, "By doing so, we will constantly create new business opportunities in line with technological and social innovation."

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