SK Gas Sells 49% Stake in Ulsan G&P for KRW 1.22 Trillion to Enhance Asset Efficiency and Secure Growth Funds
SK Gas entered into a contract to sell 33,801,180 common shares (49.0% stake) of Ulsan G&P Co., Ltd. for KRW 1,224,244,938,420 (approximately KRW 1.22 trillion), with the transaction closing date delayed to June 30, 2026.
The buyer was changed from 'STIC Korea Investment Infrastructure Private Equity Fund' to 'STIC Korea Investment Infrastructure Co., Ltd.', a special purpose vehicle established by the original buyer, representing a structural change with the same substantive purchaser.
The proceeds amount to 38.93% of SK Gas' consolidated equity as of end-2025 (KRW 3,144,548,995,496), and the company plans to use them to 'secure future growth investment funds through asset efficiency enhancement'.
After the sale, SK Gas will retain 51.0% (35,180,820 shares) of Ulsan G&P, maintaining its status as the largest shareholder and a consolidated subsidiary.
The transaction received a fair opinion from an external appraiser (Jinpyeong Accounting Corporation) and was approved by the board of directors (all 4 outside directors attended).
Ulsan G&P's total assets as of end-2025 reached KRW 1.65 trillion, with net income of KRW 101.2 billion, showing a significant improvement from the previous year.
[AI Comprehensive Analysis]This stake sale is a positive event for SK Gas and its ultimate parent SK Discovery, as it generates substantial cash inflow to enhance financial flexibility and secure funds for new growth investments. However, given Ulsan G&P's strong earnings and stable cash flow from power generation, the decision partially forfeits long-term equity value. The key factor for future stock price outlook will be whether the return on invested proceeds can exceed the opportunity cost of this divestiture.
KOSPI Filing Information
Filing: [Correction of Description] Major Events Report (Decision on Transfer of Stocks and Investment Certificates of Other Corporations) (Major Management Matters of Subsidiaries)