[THE INVESTOR] SKC, the high-tech chemical unit of SK Group, said on Aug. 23 it will participate in its Chinese subsidiary SKC Jiangsu High Tech Plastics’ 49 billion won (US$43.6 million) capital increase.
The Chinese polyester film manufacturer is raising capital to finance 8.2 billion won capital spending and 40.75 billion won operation funds.
“The decision is to improve the subsidiary’s financial structure and to invest in new facilities,” explained the petrochemical company.
SKC established a joint venture with SK China and Japan’s Toyobo in 2011 to set up a polyethylene terephthalate film plant in China, the largest market in the world, owning 44 percent stake. The plant began operation in 2013.
By Hwang You-mee (
glamazon@heraldcorp.com)
