- Business transfer to KORAMCO and Hyundai Oilbank on Jun. 1st.
- Proceeds to be used to stabilize financial structure and invest in growing businesses

SK networks held an extraordinary shareholders’ meeting on April 22nd, 2020 at the Myeongdong head office and approved the agenda for transferring the petroleum retail business as it was originally proposed. This general shareholders’ meeting was according to the follow-up procedure resolved by the board of directors last March. Accordingly, the gas station business transfer to KORAMCO Reits & Trust and Hyundai Oilbank will be finalized coming June 1st.

SK networks plans to use KRW 1.3 trillion proceeds from the sale for the self-tender in progress, financial structure stabilization and investment in growing businesses in an aim to raise corporate value.

Sang-kyu Park, President of SK networks, commented at the general shareholders’ meeting, “Notwithstanding the unprecedented adverse business conditions worldwide, we will make sure that our customers can use the services without any concern. We will also return the attention and support we received from our stakeholders including shareholders by raising mid- to long-term corporate value.”