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Biz News Korea(Eng)

SK Discovery kicks off as holding company of SK Chemicals

Collected: 2017.12.01

Distributed: 2017.12.04

Source: Go Direct

SK Chemicals said its holding company has been launched under the name of SK Discovery, with a new operating entity from the company’s demerger to be named as SK Chemicals as of Dec. 1.

SK Discovery will focus on managing subsidiaries and refining its business portfolio, while SK Chemicals on raising business efficiency of chemical and pharmaceutical business.

Under the demerger plan, the legacy SK Chemicals was divided into a holding company and an operating entity with a spin-off ratio of 48 to 52. SK Discovery will be headed by SK Chemicals’ vice chairman Chey Chang-won.

The plan was approved by its board in June and at a shareholders’ meeting in October.

Shares of SK Chemicals and SK Discovery are scheduled to be traded from Jan. 5, 2018.

By Kang Doo-soon and Minu Kim

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