● SK Discovery Officially Launched
- SK chemicals Restructured, Holding Company SK Discovery Formed on December 1
- "Increase shareholder value through greater transparency... expansion of responsible management"
- SK Discovery, SK chemicals Shares to be Listed January 5
SK Discovery officially launched on December 1.
SK chemicals recently announced that as of the 1st, their corporate body transformed into a holding company under the name SK Discovery in a demerger that will separate the company`s operations. The newly-established operating company will continue under the name SK chemicals. As a result, SK Discovery will concentrate on managing subsidiaries and enhancing the business portfolio, and SK chemicals will focus on improving management efficiency in existing chemical and pharmaceutical businesses. The split ratio between the holding and operating companies is 48:52, respectively.
Chang-won Chey, the Vice Chairman of SK chemicals, will lead as the CEO of SK Discovery, and Chan-jung Park, the Managing Director of SK chemicals, will serve as the General Director.
"By launching this holding company, we will be able to enhance business expertise and maximize management efficiency," said Chan-jung Park of SK Discovery. "We will do our best to improve the business by quickly adapting to the new system."
The restructuring was approved by the board of directors in June, and a determination to split into a holding and operating company was made at a shareholders’ meeting in October.
SK Discovery was launched to strengthen the expertise of the operating arm and enhance management efficiency, keeping with improvements in the business portfolio since 2000 and results produced by new high-value-added businesses. The corporate structure was overhauled to increase shareholder value through greater transparency in corporate management and expansion of responsible management.
With the launch of the new holding company, each business is expected to accelerate growth by strengthening expertise.
Shares of SK chemicals, suspended from trading since September 29, will be split into SK Discovery and SK chemicals to be change-listed and re-listed, respectively, on January 5 of next year.
