SK Holdings secures W480b through block sale of ESR shares

SK Holdings has raised 480 billion won ($409 million) by selling shares of logistics operator e-Shang Redwood Group through a block deal, with plans to invest the newly secured capital in its future growth engines, the company said Thursday.

The deal saw 140 million shares sold at 22.50 Hong Kong dollars ($2.90) per share, accounting for 4.6 percent of the total stock, as SK Holdings collected the principal.

Following the sale, SK Holdings now owns 6.4 percent of stock in the company, a share that is estimated to be worth 740 billion won as of Wednesday.

Established in 2011, ESR is a global logistics company with some 270 logistics facilities around the world serving over 200 clients, including Amazon, Alibaba and JD.com. The company has enjoyed steady growth since going public on the Hong Kong stock exchange in November last year.

“As the payback period in global investment has arrived, we will maintain great investment performances such as with ESR and will continue our efforts to live up to the market’s expectations and keep a virtuous cycle of investment and gain,” an official at the company said.

By Yim Hyun-su (hyunsu@heraldcorp.com)