South Korean retail giant Lotte said Friday it will launch a new affiliate for its cinema business in June, as it moves to maximize management effectiveness.
Lotte Shopping Co.'s board members approved the plan to spin off its cinema business as a subsidiary on June 1.
The new company, named Lotte Cultureworks Co., will specialize in the running of movie theaters as well as in investing and distributing cinema content.
"We will improve our competitiveness through this spin-off and expand our presence in the global market," a company official said.
The cinema unit is reviewing a move to open more theaters in Southeast Asia, with up to 140 being planned by 2022. (Yonhap)
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