The late honorary chairman Shin Kyuk-ho's eldest daughter, Shin Young-ja, chairwoman of the Lotte Foundation, has disposed of her holdings of LOTTE Corporation and Lotte Shopping shares valued at 730 billion won.

Shin Young-ja, the eldest daughter of the late Shin Kyuk-ho, the founder of the Lotte Group, is the chairperson of the Lotte Foundation. /Courtesy of News1

LOTTE Corporation reported on the 17th that Shin disposed of 2,112,000 shares of LOTTE Corporation through after-hours trading over three days on the 10th, 14th, and 16th, amounting to approximately 670 billion won. Previously, Shin had also sold 77,654 shares of Lotte Shopping valued at 5.8 billion won on the 10th.

Following this stock sale, the equity held by major shareholder Shin Dong-bin, chairman of Lotte, and related parties decreased from 45.44% to 43.43%, a drop of 2.01 percentage points. The equity in Lotte Shopping also fell from 60.39% to 60.12%, a reduction of 0.27 percentage points.

Earlier, in May and June of last year, Shin also significantly sold off equity in LOTTE Corporation, Lotte Shopping, and LOTTE Wellfood. Following this sale, it is reported that Shin no longer holds any shares in LOTTE Corporation and Lotte Shopping; however, she is known to still hold some equity in LOTTE Wellfood and LOTTE Chilsung Beverage. As of the end of the first quarter of this year, Shin's holdings included 140,939 shares (1.49%) of LOTTE Wellfood and 247,073 shares (2.66%) of LOTTE Chilsung.

The Lotte Foundation stated regarding the sale of Shin's holdings, "This is a measure for securing funds for inheritance tax." It is known that Shin inherited equity in the Lotte group following the death of honorary chairman Shin Kyuk-ho in January 2020, and has been paying the inheritance tax in installments over five years.

Shin originally held directorships in the Lotte Scholarship Foundation, the Lotte Samdong Welfare Foundation, and the Lotte Welfare Foundation but resigned in 2018 after facing trial. Currently, the chairperson of the Lotte Scholarship and Lotte Samdong Welfare Foundations is his daughter, Jang Hye-seon.