SK forms holding company

July 1, 2007

The shareholders of SK Corp. approved a plan to split itself into a holding company, SK Holdings Co., and an operating subsidiary, SK Energy Co., effective July 1.The holding company will be in charge of investing in subsidiaries with seven major affiliates under its wing, including SK Energy, top mobile carrier SK Telecom and trading company SK Networks Co. The two new entities will be listed separately on the Korea Stock Exchange. In April, the conglomerate decided to spin off SK Corp. into a holding firm to improve corporate governance. The Korean government and shareholders have consistently encouraged SK and other major conglomerates to adopt a holding company structure to reduce complex cross-shareholding and to simplify their vertical investment structures. (May 29, 2007)

echo '
';