Regulator greenlights Lotte Rental's additional stake purchase in SoCar

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Regulator greenlights Lotte Rental's additional stake purchase in SoCar

Published: 31 Jan. 2024, 18:48

SARAH CHEA
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Socar vehicles are parked in a parking lot in central Seoul. [NEWS1]

The antitrust regulator said Wednesday it has approved Lotte Rental's acquisition of an additional 19.7 percent stake in car-sharing startup SoCar.

The Korean leading car rental agency affiliated with retail giant Lotte Group reported its planned purchase of a 17.91 percent stake in SoCar in September last year and an additional 1.79 percent stake purchase last month, according to the Fair Trade Commission (FTC).

Lotte Rental is SoCar's third-largest shareholder with a 14.99 percent stake in the mobile platform, and the approval will make it SoCar's second-largest shareholder.

The FTC said that the stake purchase is unlikely to have Lotte Rental exert "practical influences" on the management of the mobility platform.

It also noted that top shareholder SOQRI has also been raising its stake in SoCar, explaining reasons behind the approval decision.

"We will continue to monitor the issue to check if any ownership changes would hamper fair market competition, as car rental and car-sharing businesses can have a major impact on customers," an FTC official said.

Yonhap