SEOUL: Conglomerate Lotte Group said on Wednesday its South Korean hotel arm Hotel Lotte Co Ltd , a key vehicle for control for the group's South Korean businesses, will hire managers for an initial public offering by early September.

Lotte Group, in a text message sent to reporters, did not elaborate on when the listing will be completed. Last week it said it expected Hotel Lotte to have a market capitalisation of about 10 trillion won ($8.43 billion) after an IPO.

Copyright Reuters, 2015