SK Inc. is moving to make SK Ecoland a wholly owned subsidiary instead of pursuing an initial public offering (IPO). The company plans to secure minority shareholders' stakes through a tender offer and complete its business restructuring centered on semiconductor and artificial intelligence (AI) infrastructure.
SK Inc. announced that it held a board meeting on the 4th and resolved to launch a tender offer for SK Ecoland shares. The tender offer price is set at 88,000 won per share. This level is approximately 53% higher than the average stock price over the past month (approximately 57,500 won) on the Korea Over-the-Counter Market (K-OTC). An external accounting firm calculated the price considering factors such as asset value and future revenue-generating capacity.
The tender offer period runs from the 5th to the 24th. The target shares amount to approximately 16.43 million, representing about 25% of total issued shares. Purchase consideration will be paid in cash. NH Investment & Securities is leading the tender offer, and shareholders can apply through NH Investment & Securities branches, its website, Home Trading System (HTS), or Mobile Trading System (MTS).
Following the tender offer, SK Inc. plans to secure 100% of SK Ecoland's shares through procedures such as a cash-settled comprehensive share exchange. This follows the acquisition of financial investors' (FI) stakes for approximately 400 billion won in April last year; the company is now moving to secure the remaining shares. Currently, SK Inc.'s stake in SK Ecoland is approximately 74% on a voting rights basis and 71.2% on an issued share count basis.
This decision coincides with the restructuring of SK Ecoland's business structure. Since 2024, SK Ecoland has been transitioning its business structure from a focus on construction and environment to one centered on semiconductor and AI infrastructure. In 2024, it brought industrial gas company SK Airplus and semiconductor module company EssenCore under its umbrella as subsidiaries, and last year added four semiconductor materials companies: SK Trichem, SK Resonac, SK Materials JNC, and SK Materials Performance.
Performance has improved following the business restructuring. SK Ecoland's consolidated revenue for the first half of this year was 10.504 trillion won, with an operating profit of 1.465 trillion won. SK Inc. expects that making SK Ecoland a wholly owned subsidiary will resolve concerns about duplicate listings while enhancing management efficiency. The company explained that it is providing minority shareholders with an opportunity to recover their investment at a price that includes a premium over the over-the-counter market rate.
An official from SK Inc. stated, "We will enhance our business competitiveness in the semiconductor and AI value chain and translate those results into increased shareholder value for SK Inc."
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