SK Innovation will strengthen its subsidiary management rights by acquiring 30% of SK Enmove's equity, incorporating it as a 100% subsidiary of SK Innovation.

On the 25th, SK Innovation noted this through a disclosure regarding the 'acquisition of shares from a related party'.

A view of SK Innovation Ulsan CLX /Courtesy of SK Innovation

On the 2nd of next month, SK Innovation will acquire all 12 million shares of SK Enmove held by financial investor Ecosolution Holdings for 859.26 billion won.

The acquisition price per share is 71,605 won. Ecosolution Holdings is a special purpose corporation (SPC) established by IMM Credit Solutions (ICS) for investment in SK Enmove's equity.

On the afternoon of that day, SK Innovation held its 6th board meeting at SK Serin Building in Jongno-gu, Seoul, and approved key agendas such as the 'acquisition of equity in SK Enmove'.

SK Innovation disclosed the 'decision to issue exchange bonds and dispose of treasury shares' for financing the acquisition. The target shares consist of 3,404,104 common shares, equivalent to 2.25% of SK Innovation's issued shares, with an expected disposal scale of approximately 376.7 billion won. The maturity date for the exchange bond is December 31, 2026.

A representative from SK Innovation said, 'Considering the recent capital market conditions and various circumstances of the company, the initial public offering (IPO) has been temporarily suspended,' and added, 'The complete incorporation of SK Enmove as a subsidiary is the optimal solution in terms of enhancing SK Innovation's strategic direction and management efficiency of SK Enmove.'