SK Chemicals, the chemicals and biopharmaceutical arm of South Korea’s SK Group, will officially take on a holding company structure from Friday, marking the biggest structural change for the company since its foundation 48 years ago.
SK Chemicals will be split into a holdings company and a business operations company, in line with the board’s approval secured in June this year. The holdings firm will hold 48 percent of the initial SK Chemicals shares, while the operating firm will hold 52 percent.
The holdings company will take on the name SK Chemicals Holdings, while the new operating company will operate under the name SK Chemicals.
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(Yonhap) |
The spinoff will be completed Friday, while the relisting process will take place in January 2018, according to the company. The company’s shares are no longer available for trading now.
Looking ahead, SK Chemicals Holdings will take charge of making investments as well as managing its subsidiaries including SK Chemicals, SK Gas, SK E&C as well as SK Plasma.
Meanwhile, the business-focused SK Chemicals will concentrate on strengthening its two business pillars -- chemicals and biopharmaceuticals.
SK Chemicals said it will eventually spin off SK Chemicals into two separate companies, with one focused on chemicals and the other on biopharmaceuticals, when the firm deems both businesses are mature enough.
By Sohn Ji-young (
jys@heraldcorp.com)
