20 Mar 2018 13:20

South Korea's Lotte Group plans to buy agriholding in Primorye from Hyundai

VLADIVOSTOK. March 20 (Interfax) - Russia's Federal Antimonopoly Service (FAS) has cleared Lotte International Co, Ltd, part of South Korea's Lotte Group, to acquire 100% of Hyundai Khorol Agro, an agribusiness holding in Primorsky territory, the FAS said in a statement.

Hyundai Khorol Agro specializes in growing soybeans (about 70% of the sown area) and corn. It is also developing livestock farming.

It was reported earlier that Lotte Group purchased the Vladivostok Hotel, locating in the center of Vladivostok, from Hyundai.

Hyundai Khorol Agro was registered in December 2004 in Voznesenka, in Primorye's Khorolsky district. Charter capital totals 350.143 million rubles. Hyundai Heavy Industries, Co is the founder. The company posted a net profit of 33.402 million rubles in 2016 on revenue of 184.306 million rubles.

Lotte was founded by Korean businessman Shin Kyuk-ho in Tokyo in 1948. The group began operating in Seoul in 1967. Lotte has built a business center in Moscow, Lotte Plaza, and a five-star hotel, Lotte Hotel Moscow, as well as a five-star hotel in St. Petersburg that opened in May 2017.