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S. Korean retailer E-Land to push for pre-IPO of its fashion unit

All Headlines 15:09 July 04, 2018

SEOUL, July 4 (Yonhap) -- E-Land, a major South Korean outlet mall operator, said Wednesday it will push for a pre-initial public offering (IPO) of the group's fashion business unit as part of efforts to cut debt.

Earlier in June, the company said it has again postponed the listing of its retail arm, E-Land Retail Ltd., until next year. It began preparations for the IPO in 2016, with a plan to wrap up the process by May 2017.

"We could not achieve our goal to attract 1 trillion won (US$896 million) worth of capital by the first half of this year," Lee Yun-ju, E-Land's chief financial officer, said during a press conference in Seoul, vowing to seek medium and long-term plans to improve its financial structure.

As part of the plan, the company will pursue a pre-IPO of the fashion business unit at E-Land World Ltd., the group's de facto holding firm, while aggressively carrying out overseas businesses, it said.

E-Land Retail operates some 50 outlet malls in South Korea. Its sales came to 2.06 trillion won on a consolidated basis in 2017, with an operating profit of 224 billion won, according to the company.

S. Korean retailer E-Land to push for pre-IPO of its fashion unit - 1

scaaet@yna.co.kr
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