SK Innovation Shareholders Approve Plan To Split Off Battery Business: Report

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  • It added that SK Innovation CEO Kim Jun told shareholders that it is crucial to secure timely financial resources for further quantitative and qualitative expansions in the future
  • More than 80 per cent of SK Innovation shareholders voted in favour of the plan, SK Innovation said in a statement
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Pic Source – Wallpaper Flare

As per a report by Reuters, SK Innovation Co Ltd said that its shareholders had approved the company’s proposal to separate its battery business into a new company. The unit, to be launched on first October will initially be a wholly-owned subsidiary of SK Innovation, tentatively named “SK Battery Co Ltd. More than 80 per cent of SK Innovation shareholders voted in favour of the plan, SK Innovation said in a statement.

It added that SK Innovation CEO Kim Jun told shareholders that it is crucial to secure timely financial resources for further quantitative and qualitative expansions in the future. It added that with the split-off of the battery business, it plans to evaluate various ways to secure resources, such as establishing joint ventures, partnerships and attracting strategic and financial investors.

The report added that Kim played down speculation the battery unit could go public as early as next year. He said the business, which is aiming to turn profitable in 2022, expects its financial performance to improve as its U.S. factories start operations.In July, Kim said he would review whether to list only on Nasdaq or opt for a dual listing in the United States and South Korea.

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The South Korean battery maker said it had more than 1 terawatt hours (TWh) worth of batteries, which could power about 14 million electric vehicles. South Korea’s National Pension Service, SK Innovation’s No.2 shareholder with an 8.05 per cent stake voted against the split-off plan, citing concerns about damage to shareholder value.

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