SK Inc. Secures 100% Ownership of SK On Jiangsu via Share Swap, Receives Cash Inflow for Portfolio Rebalancing
SK On, a second-tier subsidiary of SK Inc., has completed a share swap transaction to restructure its Chinese battery joint ventures, acquiring the remaining 30% stake in SK On Jiangsu from EVE Power Hongkong for 434.7 billion KRW and disposing its entire 49% stake in Huizhou EVE United Energy.
As a result, SK On Jiangsu becomes a wholly owned subsidiary of SK On, and SK On will receive a cash settlement of 200 million CNY from EVE Asia, enhancing financial flexibility.
The transaction size is minimal at approximately 0.8% of SK Inc.'s market cap of 52.5 trillion KRW, and no new shares were issued, posing no dilution to existing shareholders.
SK On accounts for about 43.8% of SK Innovation's total assets, making it a key subsidiary; this portfolio rebalancing is expected to strengthen competitiveness in the electric vehicle battery business.
This disclosure does not include any shareholder return measures such as treasury stock acquisition or cancellation.
[AI Summary]This share swap streamlines SK's battery subsidiary structure and strengthens control over a core entity without additional capital raising. The cash inflow and lack of dilution support shareholder value, positioning the move as a moderately positive step for long-term growth.
KOSPI Filing Information
[Correction of Description] Decision on Acquisition of Stocks and Investment Securities of Other Corporations (Major Management Matters of Subsidiary)