[Asia Economy Reporter Donghyun Choi] Lotte Tour Development has officially begun the process of relocating its headquarters to Jeju Island.
On the 3rd, Lotte Tour Development announced that it held a board meeting on the 31st of last month and resolved to set the record date for the shareholder registry as the 18th and to close the shareholder registry for five days from the 19th to the 25th. This decision is an essential step to change the headquarters location stated in the articles of incorporation from Gwanghwamun, Seoul, to Jeju Island at the extraordinary general meeting scheduled for September. After the shareholders' meeting next month, Lotte Tour Development plans to complete the headquarters relocation process through registration procedures at the court.
This move marks the end of Lotte Tour Development's 50-year era in Gwanghwamun and the beginning of its second founding in Jeju. Since its establishment in 1971, Lotte Tour Development has played a comprehensive travel company role, including being the first in the tourism industry to receive the Gold Tower Industrial Medal, the first to be listed on the KOSPI, and operating chartered flights and cruise ships.
Kim Kibyeong, Chairman of Lotte Tour Development, expressed his ambition, stating, “With the Jeju Dream Tower Complex Resort, we are determined to start our second founding in Jeju and will surely keep our promise to be the top local company in high-quality jobs and tax contributions.”
Meanwhile, Lotte Tour Development has invested over 1 trillion KRW in the development of the Jeju Dream Tower Complex Resort, with a total project cost of 1.6 trillion KRW. This is the largest investment ever made in Jeju Island with purely domestic capital. The company also plans to hire 3,100 new employees, with 80% of them prioritized to be residents of Jeju City. The Jeju Dream Tower Complex Resort stands 38 stories tall and 169 meters high, approximately twice the height of the Lotte City Hotel, which is the tallest building in Jeju at 89 meters. The total floor area is 303,737 square meters, 1.8 times larger than the 63 Building in Yeouido, making it the largest in Jeju. Currently, with a construction progress rate of 99.9%, Lotte Tour Development is accelerating completion and submitted a casino industry impact assessment report to Jeju Province on the 28th of last month. The impact assessment report includes plans for contributions to the local community in various fields such as regional economic revitalization, education, housing, and environment, in accordance with the ordinance prepared last year, as well as a plan to pay 12 billion KRW in Jeju development donations.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
