S.Korea's NPS increases stake in Lotte Tour Development
Eun-Ji Cha
Apr 06, 2023 (Gmt+09:00)
Lotte Tour Development's Jeju Dream Tower 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.