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September 21, 2019

SK Discovery closes merger with SK Syntec

PUBLISHED : September 03, 2019 - 11:53

UPDATED : September 03, 2019 - 11:58

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SK Discovery completed a merger with its wholly owned subsidiary SK Syntec on Sept. 2, according to a regulatory filing.

Under the deal, management consulting firm SK Syntec merged with its parent firm SK Discovery. SK Discovery’s assets jumped to 1.4 trillion won ($1.1 billion) from 1.2 trillion won prior to the merger. 

The deal did not involve the issuance of new shares and changes in major shareholders of SK Discovery.

Less than 20 percent of SK Discovery shareholders vetoed the merger plan in May. In addition, no creditors of either company had expressed opposition to the merger in June, according to SK Discovery.

This came after the two companies signed the merger agreement in May this year. The merger was due to take place by July, but had been postponed to September.

SK Discovery has said the merger was aimed at enhancing efficiency in its business.

SK Discovery, spun off from SK Chemical in 2017, is a holding firm with majority stakes in three business arms -- life science business unit SK Plasma, liquefied petroleum gas arm SK Gas and chemical unit SK Chemical. In June, SK Discovery offloaded a 28.25 percent stake in SK Engineering & Construction for 304.1 billion won.

SK Discovery also became a major shareholder of Kospi-listed synthetic fiber maker Huvis with a 25.5 percent stake, taking the place of SK Syntec.

By Son Ji-hyoung (consnow@heraldcorp.com)

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