SK Innovation plans to invest trillions of won, which are secured through the sale of stakes in petroleum-related subsidiaries, electric vehicle battery companies and environmentally friendly materials. The company is accelerating its transition from an oil refiner to an environmentally friendly materials and parts company.
On April 28, SK Innovation signed an IMM Private Equity (SPA) agreement to sell 40 percent of its 100 percent stake in SK Lubricants to the private equity fund for 1.1 trillion won.
Initially, SK Innovation planned to sell up to 49% of its stake in SK Lubricants. However, he decided to sell only 40 percent. SK and IMM PE have agreed to list SK Lubricants on the stock exchange within the next five years. However, the company listing deadline may be extended by one year. SK Lubricants is a premier subsidiary of SK Innovation, which produces lubricating oils and lubricating base oils. The company has the largest market share in the global lubricating base oil market. In 2020, it recorded 2.68 trillion won in revenue and 262.2 billion won in operating income.
SK Innovation raises funds from various sources. SK IE Techology, a subsidiary that produces separators for electric vehicle batteries, is expected to offer its shares on the KOSPI market on May 11. The company’s IPO will bring in 2.4 trillion won for SK Innovation. SK IET had already secured 300 billion won thanks to the attraction of pre-IPO investments. When the list is finalized, SK Innovation’s stake in SK IET will increase from 90% to 61.2%.
SK Global Chemical, another wholly owned subsidiary of SK Innovation, is also reportedly considering attracting investment in a variety of ways, including a stock market listing.