S.Korea's NPS increases stake in Lotte Tour Development

NPS's stake increase is attributed to expectations of improved performance with the resumption of direct flights between Jeju and China

Lotte Tour Development's Jeju Dream Tower
Lotte Tour Development's Jeju Dream Tower
Eun-Ji Cha 1
2023-04-06 17:15:31 chachacha@hankyung.com
Pension funds

South Korea's National Pension Service (NPS) has increased its stake in Lotte Tour Development Co. to 6.07%, according to an announcement by Lotte Tour Development on Thursday. The NPS purchased an additional 4.09 million shares, bringing its total stake to 44.2 million shares.

This marks a significant increase in the NPS's stake in the tour company, which had decreased to 4.03% in Nov. 2020 after being reduced from 5.17%. The NPS has now become one of the two major shareholders, excluding related parties.

Prior to NPS, the top-ranked domestic fund management firm, Timefolio Asset Management, held a 7.19% stake.

Lotte Tour Development explained that the NPS's stake increase reflects expectations of improved performance due to the reopening of direct flights between Jeju and China, after a three-year hiatus, and its potential as a major beneficiary of the reopening.

Write to Eun-Ji Cha at chachacha@hankyung.com
##National Pension Service Lotte Tour Development #korea nps lotte #nps lotte tour #lotte tour shareholder

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