Lotte Rental Awaits Decision on Potential Selloff: Shareholder's Call

Lotte Rental, a South Korean company specializing in car rental services, has clarified that no definitive decisions have been made regarding its potential sale. This statement by Lotte Rental comes in response to media reports suggesting that there may be developments in its selloff. As of now, the company's major shareholders, notably Hotel Lotte Co. and Lotte Hotel Busan, have received external inquiries regarding the sale of shares. Despite receiving proposals, the planning division director, Lee Jang Sup, emphasized that no formal decision has been made about the selloff. A notice was given to the Financial Supervisory Service, stating that further details will be disclosed either when they are decided or within a month. The anticipated sale price of Lotte Rental is expected to surpass KRW1 trillion. Lotte Rental recently expanded into the used-car business-to-consumer market and has reported robust financials with $513 million in sales and $58 million in operating profit for the third quarter of 2024.