Lotte sells retail operator in China to Wumei for $230 mln (updated)
26/04/2018 03:25
(Adds background)
SEOUL, April 26 (Reuters) - South Korea's Lotte Shopping
023530.KS said on Thursday that it has agreed to sell one of
its six operators of hypermarket and supermarket stores in China
to Wumei Holdings for about 248.5 billion won ($230.2 million).
Last year, Lotte Shopping picked Goldman Sachs to manage the
sale of its Lotte Mart stores in China, after most of them were
shut down amid political tensions between the two countries. The
retailer had aimed for the sale by the end of last year.
urn:newsml:reuters.com:*:nL4N1MN1AO
The group was particularly hard hit by the political fallout
of its decision to hand over land for a U.S.-made missile
defence system despite Chinese opposition.
In October, Seoul and Beijing agreed to move past the
dispute.
Lotte Shopping did not elaborate on whether there was
progress on the sales of its remaining five Lotte Mart operators
in China. ($1 = 1,079.5000 won)
(Reporting by Hyunjoo Jin; Editing by Stephen Coates)
((hyunjoo.jin@thomsonreuters.com; 82-2-3704-5685; Reuters
Messaging: hyunjoo.jin.thomsonreuters.com@reuters.net))