BlueOval SK Decides on Capital Reduction
SK announced on the 15th that it will reduce the capital stock of BlueOvalSK, a subsidiary of SK Battery America (SKBA), through a paid-in capital reduction.
BlueOvalSK is a battery joint venture established in 2022 by SK On and the American automobile company Ford.
The company stated that the reason for the audit was capital reallocation to improve the efficiency of overseas investment capital. The capital, which was 12,179,715,660,000 KRW, will be reduced to 7,177,295,660,000 KRW after the capital reduction. The board resolution date was the 14th.
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The company applied the dollar exchange rate of 1,471.30 KRW, which was the initial official trading rate on the final approval date of BlueOvalSK, to convert the total capital reduction amount into Korean won, and stated that the KRW equivalent amount may change depending on the exchange rate on the actual capital reduction date.
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