[Featured Stock] Lotte Rental Rises on Sale Reports

Lotte Rental is on the rise on the 22nd following reports that Lotte Chemical is pushing for a sale amid liquidity concerns.

At 9:15 a.m. that day, Lotte Rental was trading at 29,550 won, up 2.95% (750 won) from the previous day.

According to reports from the previous day, Lotte Group is said to be planning to sell part of its management stake in Lotte Rental to quell recent financial crisis rumors. The sale target is reportedly about 60.67% of Lotte Rental's management stake. Currently, Hotel Lotte (37.80%) and Busan Lotte Hotel (22.83%) are major shareholders of Lotte Rental.

Lotte Group's profitability has significantly declined due to sluggishness in its core businesses of distribution and chemical sectors. Amid this, concerns about liquidity crisis have emerged in the market, citing possible difficulties in repaying corporate bond principal and interest.

In response, Lotte Group stated in an explanatory document the previous day that there is no problem with the repayment of corporate bond principal and interest despite Lotte Chemical's violation of financial covenants related to corporate bonds.