SK suspends controversial IPO of lubricant unit in line with president's shareholder-friendly policy

SK Group decided to temporarily suspend its plan to spin off SK Enmove, its lubricant-manufacturing unit, from SK Innovation and make it a publicly traded company, Wednesday, as the move is feared to clash with President Lee Jae Myung’s policy to protect retail investors. In a press release, SK Innovation said it will temporarily halt the initial public offering (IPO) process of SK Enmove "in light of recent capital market conditions and various internal circumstances." A key group affiliate in petroleum and other energy resources, SK Innovation holds a 70 percent stake in SK Enmove. The firm said it will acquire the remaining 30 percent stake owned by Ecosolution Holdings, a special company established by IMM Credit Solution for the purpose of investing in SK Enmove shares. The purchase of all corresponding 12 million shares will be made on July 2, at a per share price of 71,605 won ($52.50). “Making SK Enmove into a wholly owned subsidiary is the optimal decision to align with SK Innovation’s strategic direction and to enhance SK Enmove’s managerial efficiency,” the company stWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times