SK Networks Passes Agenda for Gas Station Business Transfer at Extraordinary General Meeting

Business Transfer to Koramco and Hyundai Oilbank Completed on June 1

Sang-gyu Park, President of SK Networks, is conducting an extraordinary general meeting of shareholders held at the headquarters in Jung-gu, Seoul on the 22nd. (Photo by SK Networks)

[Asia Economy Reporter Kim Ji-hee] SK Networks held an extraordinary general meeting of shareholders at its headquarters in Jung-gu, Seoul on the 22nd and passed the agenda to transfer its petroleum product retail business.

Accordingly, SK Networks' gas station business is expected to be transferred to Koramco Asset Trust and Hyundai Oilbank by June 1.

Previously, SK Networks announced on the 4th of last month that it had finalized contracts and board resolutions to transfer real estate related to the petroleum product retail business to Koramco for 1.3321 trillion KRW, and assets and personnel related to gas station operations to Hyundai Oilbank. The purchase price is borne by Koramco Asset Trust with 300.1 billion KRW, Koramco Energy Plus Trust Management Real Estate Investment Company with 965.2 billion KRW, and Hyundai Oilbank with 66.8 billion KRW.

SK Networks plans to use the proceeds from the sale to enhance corporate value by repurchasing its own shares currently underway, stabilizing its financial structure, and investing in growth businesses.

At the shareholders' meeting, Park Sang-gyu, CEO of SK Networks, said, “In an unprecedentedly difficult global business environment, we will do our utmost to ensure customers can safely use our services and pursue mid- to long-term corporate value enhancement to repay the interest and support of shareholders and other stakeholders.”

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