SK Chemicals sells 49% stake in SK Multi Utility for 371B KRW to strengthen financials and secure growth funds
SK Chemicals decided to dispose of 539,000 common shares (49% stake) in its subsidiary SK Multi Utility (combined heat and power). The sale price is approximately 370.96 billion KRW, equivalent to 11.8% of SK Chemicals' equity (about 3.14 trillion KRW).
The buyer was initially 'Stick Han투인프라 Private Equity Fund' but later transferred to its SPV 'Stick Han투인프ra Co., Ltd.' The transaction is expected to close on June 30, 2026.
Purpose: secure funds for future growth investment and strengthen financial structure through asset efficiency. After the sale, SK Chemicals will retain a 51% stake, maintaining management control.
The subsidiary's recent financials (end of 2025): total assets 964.7B KRW, liabilities 750.2B KRW, equity 214.5B KRW. Net loss of 8.3B KRW in 2025. The sale price (370.96B KRW) represents about 1.73x book value, indicating a high valuation.
SK Chemicals will secure approximately 370.96B KRW in cash, significantly improving its financial flexibility. The disposal may also contribute to consolidated profit improvement by reducing the loss from the subsidiary.
[AI Comprehensive Analysis]This stake sale is a positive event that enhances SK Chemicals' financial health and provides growth capital. The high valuation multiple despite the subsidiary's losses reflects market confidence. Retaining a 51% stake limits the impact on consolidated earnings, making the deal beneficial overall.
KOSPI Filing Information
Filing: [Correction of Description] Decision on Disposal of Stocks and Equity Securities of Other Corporations