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SK Chemicals board okays transition to holding structure

Collected: 2017.06.23

Distributed: 2017.06.26

Source: Go Direct

South Korea’s SK Chemicals said on Wednesday its board has approved a demerger scheme to become a holding entity.

SK Chemicals will be tentatively divided into a holding company and operating companies as of December 1 with a spin-off ratio of 48 to 52. The plan is due to be finalized at a shareholders’ meeting on Oct. 27. Operating companies will be integrated into the holding company as subsidiaries in the future.

SK Chemicals’ vice chairman Chey Chang-won is the largest shareholder of the company with a 17 percent stake. He is the second son of Chey Jong-kun, the late founder of SK Group, the country’s fourth largest conglomerate, and a cousin of SK Group chairman Chey Tae-won. There are no significant cross-equity holdings between Chang-won and Tae-won, but they have shared the name SK in their business. That’s why market watchers had long speculated about a possible group breakup.

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Choi Shin-won, the elderly brother of Chang-won is chairman of SK Networks of SK Group. Chey Chang-won has independently run SK Chemicals since he took office as vice chairman in Dec. 2006. SK Corporation, the holding company of SK Group, has no single share in SK Chemicals and Tae-won owns only a fraction of SK Chemicals shares.

SK Chemicals said that the transition into a holding company system aims to deepen business expertise and maximize operational efficiency and a group separation is not considered.

By Jung Wook and Yoon Jin-ho

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