Shares of Lotte Shopping(023530) were falling early on the 23rd on news that Shin Dong-bin, Lotte chairman, would sell equity.
As of 9:24 a.m. that day, Lotte Shopping stock was trading at 120,800 won, down 10.12% (13,600 won) from the previous day.
The previous day, Shin said in a filing that to secure cash liquidity, he plans to sell 1.15% (324,100 shares) of Lotte Shopping stock equity he holds. Based on the previous day's closing price, the size of the shares to be sold amounts to 42.26264 billion won.
The scheduled transaction dates are from the 21st of next month for 29 days, and the shares will be disposed of on the market during this period.
Shin holds 10.23% equity in Lotte Shopping. If the sale is completed as planned, the equity ratio will fall to 9.08%.