Lotte takes complete ownership of Pakistani confectioner
SEOUL. December 8. KAZINFORM - South Korea's biggest confectioner Lotte Confectionery Co. said Wednesday it has purchased an additional 30.55 percent stake in K.S. Sulemanji Esmailji & Sons Ltd. (Kolson) for 25 billion won (US$23.6 million) to take complete ownership of the Pakistani confectioner, informs YONHAP News Agency.
The South Korean confectioner already held a 69.45 percent stake in the Pakistani company, purchased in October 2010 for 20 billion won.
Kolson, set up in 1942, posted 600 million won in net profit and 63.7 billion won in sales last year, a turnaround from a net loss of 1.9 billion won in 2011, Lotte said.
Last July, Lotte said it acquired Kazakhstan's largest confectionery company Rakhat JSC for $156 million in a bid to expand its presence in Central Asian countries.
Rakhat JSC recorded $194.1 million in sales in 2012, Lotte said.