SK Innovation announced on Sept. 16 that several agenda items including partial amendments of statutes of the company and the approval for the split-off of its battery and oil exploration and development (E&P) have passed in an extraordinary shareholders’ meeting held at SUPEX Hall, SK Seorin Building, Jongno-gu, Seoul.
SK Innovation’s Board of Directors (BoD) has approved the spin-off of both battery and oil exploration and development businesses for the reasons that the competitiveness and growth potential of the two need to be objectively acknowledged in the market and the separation of the two from the parent company would be of great help in uplifting the business value of SK Innovation.
Resulting from the approval from the extraordinary shareholders’ meeting, two newly established corporations (tentatively) named SK Battery Co., Ltd., and SK E&P Co., Ltd. will be officially launched on the coming Oct. 1, 2021.
In the extraordinary shareholders’ meeting, the spin-off item of the two new corporations, battery and oil exploration and development businesses was passed at an 80.2 % of approval rate.
CEO Kim Jun of SK Innovation stated, "It is an inevitable decision in an attempt to gain the unwavering upper hand in the face of increasingly fierce global competition by enhancing each business's expertise and competitiveness. We will make the most out of this spin-off to expedite the qualitative and quantitative growth of our company by sharpening our competitive edge with the establishment of distinctive and customized management systems.”