SK Chemicals spins off new holding company, Discovery

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SK Chemicals spins off new holding company, Discovery

SK Chemicals has launched SK Discovery, its new holding company, heralding a major overhaul in the corporate structure of the chemical and material arm of SK.

SK Discovery was officially launched on Friday. It has three SK units as its subsidiaries - SK Chemicals, SK Gas and SK D&D, a real estate and renewable energy development company. Chey Chang-won, the vice chairman of SK Chemicals, will lead the new holding company.

“SK Chemicals, which has chemical and pharmaceutical businesses, was also the de facto holding company,” said a spokesperson from SK Discovery. “Carrying out the role as the holding company while doing business simultaneously made it difficult to maximize its efficiency but now that SK Discovery will assume the role as the holding company, SK Chemical will be able to fully focus on its business.”

SK Chemicals’ stocks, whose trading has been suspended as of November 29, will be split into shares of SK Discovery and SK Chemicals and be listed back on the Kospi, Seoul’s main bourse, on Jan. 5 next year.

By Choi Hyung-jo
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