Shinsegae "Rumors of Shinsegae Food Sale Are Groundless"

[Asia Economy Reporter Seungjin Lee] Shinsegae Group announced on the 14th that reports of the sale of Shinsegae Food are "not true."

On the same day, Shinsegae disclosed, "After confirming with Emart Co., Ltd., the largest shareholder of our company, we inform that we are not currently considering the sale of our shares." Emart holds 46.87% of Shinsegae Food's shares, while Shinsegae Chosun Hotel holds 8.6%.

Earlier, a media outlet reported, "Both Emart and Shinsegae Chosun Hotel, which own Shinsegae Food, are suffering from deteriorating performance," and "They have moved to secure cash by selling Shinsegae Food."

A Shinsegae Group official explained, "The rumor about the sale of Shinsegae Food is unconfirmed and the sale is not being considered at all."