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Biz News Korea(Eng)
SK Group to auction off remaining stake in SK Securities
- Collected
- 2017.06.10
- Distributed
- 2017.06.12
- Source
- Go Direct
SK Holdings announced Thursday that it will sell off its entire 10 percent stake in SK Securities through competitive bidding. It picked Samjong KPMG as a financial adviser to lead the stake sale, it added.
Shares of SK Securities ended Friday 7.2 percent up at 1,780 won ($1.58).
The move comes after the 2015 merger between the group’s IT service unit SK C&C, which had held a 10 percent stake in the brokerage unit, and holding company SK Holdings. Under the current fair trade law, non-financial holding companies cannot own stakes in financial institutions. The group, based on this regulation, had to sell off the securities firm by August. Once the sale is finalized, SK Securities will be leaving the SK Group after 25 years under its umbrella.
SK Holdings is known to have weighed various options for the disposal of SK Securities. Some predicted the firm’s stake would be held in as one of SK Group units, but the company has decided to sell the stakes through open auction, opting for a more transparent and fair procedure.
According to a SK official, the open market bidding would be the optimal choice to abide by the fair trade regulation and would work more favorably for SK Securities. An industry source added the company must also have taken account of the new Korean government’s push to overhaul the governance structure of the country’s major conglomerates when deciding to dispose of SK Securities to a third party.
By Ko Min-suh
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]