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(LEAD) Japanese tax-free shop operator to go public on S. Korea's secondary bourse

All News 16:53 March 19, 2018

(ATTN: CLARIFIES type of JTC's business in headline, lead, para 3)

SEOUL, March 19 (Yonhap) -- Japanese tax-free shop operator JTC Inc. said Monday its shares will be listed on South Korea's secondary bourse early next month as the company pushes to expand its presence in the global market.

The firm, which operates 24 stores in Japan, passed the Korea Exchange's preliminary review to go public on the secondary KOSDAQ market last month.

"We will become Japan's No. 1 tax-free shop operator with some 100 billion yen (US$945.4 million) of revenue within the next five years," CEO Ku Chul-mo said during a press conference in Seoul.

The company also aims to launch tax refund businesses in South Korea, starting with Seoul, the southeastern port city of Busan and the country's southern resort island of Jeju.

Founded in 1993 as an electrical appliance store in Japan, JTC logged 41.3 billion yen in sales and 2.46 billion yen in operating profit from March to November last year. Sales from Chinese nationals accounted for nearly 84 percent of the firm's total revenue in 2016.

scaaet@yna.co.kr
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