[Asia Economy Reporter Kim Hyo-jin] Shin Dong-joo, chairman of SDJ Corporation, and Shin Young-ja, former director of the Lotte Scholarship Foundation, have sold all their shares of Lotte Property & Development inherited from the late Shin Kyuk-ho, Honorary Chairman of Lotte.
According to Lotte Property & Development on the 29th, Chairman Shin Dong-joo and former director Shin Young-ja sold all their 5.17% stake in Lotte Property & Development on the deadline day for submitting shares to participate in the capital reduction, thereby giving up their management rights.
After the passing of Honorary Chairman Shin, Chairman Shin Dong-joo and former director Shin Young-ja inherited 1.72% and 3.44% of Lotte Property & Development shares, respectively. Lotte Property & Development plans to cancel all the shares acquired from Chairman Shin Dong-joo and former director Shin Young-ja.
Lotte Holdings holds 56.99% of Lotte Property & Development shares, and Hotel Lotte holds 31.13%. Shin Dong-bin, chairman of Lotte Group, holds 1.73% through inheritance after Honorary Chairman Shin Kyuk-ho's passing.
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