- The quick decision-making system is expected to facilitate business expertise enhancement and expedite product range extension.
… Seeking to be outstanding platform operators in their relevant fields.
- “Each brand’s features will be nurtured to add increased tech-based customer values and social values.”
- SK networks, likely to exercise a stronger role in the integrated strategic management of its businesses and investors.

While keeping a close eye on environmental changes and establishing growth strategies, SK networks is at the same time building up a future-oriented business portfolio through nourishing its competent subsidiaries. In this regard, SK networks has decided to separate Mintit and TIREPICK operations into respective subsidiaries through investment in kind.

On August 3, 2021, SK networks announced through the BOD that it was determined to hand over the MINTIT Business Unit’s assets and organizations to its subsidiary MINTIT Co., Ltd. and TIREPICK business to CARTINI Co., Ltd, a soon-to-be newly established subsidiary, respectively. SK networks will take over new shares from the subsidiaries equivalent to the transfer price.

An SK networks executive explained, “The decision is made in an aim to reinforce business expertise under quick decision-making systems and develop the subsidiaries into outstanding platform operators in their own business fields.”

MINTIT as a brand promotes a used phone distribution culture and creates social values through MINTIT ATM, the first AI-based ATM in the country for purchasing used phones. While MINTIT’s assets, contracts and debts in whole have been under split management of SK networks MINTIT business unit and MINTIT Co., Ltd., they will now be under the integrated management of MINTIT Co., Ltd. Future plans for MINTIT include building a recycling platform through partnership with more diverse business operators, increasing ESG capabilities and entering into the global market based on the technology already acknowledged by customers in Korea.

TIREPICK is an O2O (online to offline) shopping mall which started in 2019 as a business model of online tire purchase linked with offline installation, extending its product range to batteries. It launched a search service which uses a vehicle registration number to search tire size and battery specifications based on data management technology, and this has been well received by customers. Through the BOD’s decision to separate TIREPICK as a subsidiary, plans will be carried forward to facilitate its development into an online platform operator through expedited investor recruitment and product category expansion.

Separation of these two brands will be completed by the end of September and it is expected that SK networks will organize itself into a business-type investment company by establishing a comprehensive strategy for its businesses and investors for effective management as well as seeking additional growth opportunities.

An SK networks executive said, “We will continue to develop business models that can increase both customer values and social values by making the most of these two brands that are characterized by their technological leadership,” and added, “In addition to helping the subsidiaries to increase their value, we will create a competitive business portfolio unique to SK networks through sustained engagement into a new growth momentum.”