SK Sells Entire 140 Billion KRW Stake in Socar to Lotte Rental
SK will sell its entire stake in South Korea's largest car-sharing company, 'Socar,' to Lotte Rental.
SK Inc. announced on the 31st that it has decided to sell all of its 17.9% stake (5,872,450 shares) in Socar to Lotte Rental. The amount is estimated to be up to 146.2 billion KRW, and the stock sale contract is expected to be completed in September 2024.
With this stake acquisition, Lotte Rental will secure the position of the second-largest shareholder in Socar.
Earlier this year, SK Inc. sold its stake in the U.S. peer-to-peer (P2P) car-sharing platform company 'Turo,' and now it has also sold its stake in Socar.
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Yoo Kyung-sang, head of SK Inc.'s Digital Investment Center, stated, "We plan to accelerate a virtuous cycle of investment by securing investment funds through the successful sale of existing portfolios and using them to secure new growth engines." He added, "We will strive to increase corporate value in the future."
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