South Korean LOTTE Confectionery finalizes deal to purchase 76% in Almaty-based Rakhat confectionary

The deal to sell 76% in the Almaty-based Rakhat confectionary to LOTTE Confectionery of South Korea has been completed, Tengrinews reports, citing KASE, the local stock exchange. "LOTTE Confectionery, a leading confectionary of South Korea, and Rakhat, a leading confectionary in Kazakhstan, are glad to announce that in line with the earlier announcement as of July 2, 2013, LOTTE Confectionery has finalized the purchase of 76% in Rakhat”, Rakhat’s statement reads. LOTTE Confectionery is planning to make a bid to buy out the rest of the shares held by minority shareholders. “We are happy to be closing the noticeable deal. The fact that such a globally renowned company as LOTTE has decided to purchase the assets testifies to confidence in the brand and to the vast potential of the Kazakhstan’s economy and its robust growth in the last two decades”, Anatoly Popelyushko, the then President of Rakhat said back in June, when the deal was first unveiled.