SK to Make SK ecoplant Wholly Owned Subsidiary Instead of Listing, Launches Tender Offer for Shares
Tender offer for 16,434,638 shares
At KRW 88,000 per share
SK plans to make SK ecoplant a wholly owned subsidiary by launching a tender offer for its shares. The move is aimed at addressing concerns over a potential dual listing and protecting shareholder rights.
SK said on Nov. 4 that its board had decided to proceed with a tender offer for shares in its unlisted subsidiary, SK ecoplant.
The tender offer period will run from Nov. 5 to Nov. 24, with payment made in cash. The offer covers 16,434,638 shares, equivalent to approximately 25% of SK ecoplant's total shares outstanding.
The tender offer price is KRW 88,000 per share, approximately 53% higher than the average share price of about KRW 57,500 over the past month on the Korea Over-The-Counter (K-OTC) market.
An SK official said, "The tender offer reflects a premium over the price on the over-the-counter market. It is intended to give minority shareholders an opportunity to recover their investment while easing concerns about a potential dual listing of SK ecoplant and strengthening confidence in the capital market."
NH Investment & Securities is acting as the tender offer manager. Shareholders who wish to participate can apply at the company's head office or branches, or through its website, home trading system (HTS), or mobile trading system (MTS).
Following the tender offer, SK plans to secure 100% ownership of SK ecoplant through procedures such as a cash-settled comprehensive share exchange.
SK ecoplant has pursued an initial public offering (IPO) since around 2022. Over the past three years, as part of its efforts to maximize corporate value during IPO preparations, the company has rebalanced its portfolio, shifting its business structure from a focus on construction and the environment to advanced industries such as semiconductors and artificial intelligence (AI) infrastructure.
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SK plans to complete SK ecoplant's business restructuring and ownership restructuring through the tender offer. An SK official said, "With SK ecoplant becoming a wholly owned subsidiary, we will strengthen our business competitiveness across the semiconductor and AI value chains and translate the results into greater shareholder value at SK."
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