Lotte Tour Development Co., Ltd. agreed to acquire Doo Sung Co., Ltd. for KRW 15 billion.
July 26, 2018
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Lotte Tour Development Co., Ltd. (KOSE:A032350) agreed to acquire Doo Sung Co., Ltd. for KRW 15 billion on July 27, 2018. Lotte Tour Development Co., Ltd. will acquire 0.5 million shares of Doo Sung Co., Ltd. in cash. After the transaction, Lotte Tour Development Co., Ltd. will hold 100% stake in Doo Sung Co., Ltd. Doo Sung Co., Ltd. reported total assets of KRW 3.61 billion and net liabilities of KRW 24.94 billion as at December 31, 2017. Doo Sung Co., Ltd. reported sales of KRW 14.99 billion and net loss of KRW 3.67 billion in 2017. On August 17, 2018, the terms of the transaction were amended. As per new terms, Lotte Tour Development Co., Ltd. will now pay KRW 14.9 billion as consideration. The Board of Directors of Lotte Tour Development Co., Ltd. passed a resolution for the transaction on July 27, 2018. The transaction is expected to be completed on August 17, 2018.
Lotte Tour Development Co Ltd is a Korea-based company mainly engaged in the provision of travel services. The Company operates its business in four segments. The Travel Business segment is engaged in the sale of travel products such as packaging tours, theme tours, independent tours, honeymoon tours, golf tours, cruises and others. The Pre-Sale Agency segment mainly engages in real estate rental business. The Casino segment is engaged in the casino business. The Internet Information Service segment provides services such as airline tickets and hotel reservation services, and other travel-related services and travel information.