Doosan, Shinsegae Surge on Winning Korean Duty-Free Licenses
- Hotel Lotte, SK Networks lose current licenses to the duo
- Loss of license may hurt Hotel Lotte's planned early-2016 IPO
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Doosan Corp. and Shinsegae Co. surged in Seoul trading after winning licenses to operate tax-exempt retail outlets in the South Korean capital.
Doosan won the license for a duty-free outlet in Seoul currently held by Hotel Lotte Co., while Shinsegae was awarded one held by SK Networks Co., according to an e-mailed statement from the Korea Customs Service on Saturday.