Lotte becomes the main shareholder of Bibica
Lotte becomes the main shareholder of Bibica
Lotte Confectionery Co., Ltd. (Lotte) is now the main shareholder of Bibica Corporation (BBC) after its main counterweight SSI sold its entire holding.
In the course of the trading session of January 27, SSI Asset Management Limited Company (SSIAM) sold 3.08 million shares of BBC from its holdings. On January 30, SSI announced that BBC will no longer be an associated company after the deal, without revealing the identity of the buyer.
As a result of SSI’s divestment, Lotte which recently/currently held more than 44 per cent of the overall share volume of BBC, has become the main shareholder. Lotte can now have the deciding say in BBC’s important matters.
In 2007, BBC sold a 30 per cent stake to Lotte, which has been gradually increasing over the years. As of the end of 2013, Lotte held 6.3 million BBC's shares, accounting for 43.56 per cent.
BBC chose SSI to be the counterweight to avoid being wholly acquired by Lotte. Within this framework/context SSIAM held more than 35 per cent of BBC(’s) shares. Adding further to the balance, Sunway SCJ (SCJ), a related company of SSI, held 21.09 per cent of BBC as of May 2014.
In September 2014, Lotte bought 70.000 BBC shares, which increased its ownership to 44.03 per cent while SCJ reduced its holdings from 21.9 per cent to 14.49 per cent.
