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SK Networks resolves on bringing in SK Rent-a-car as a 100%-owned subsidiary


- Resolutions passed by the boards of two companies on the 18th…SK Rent-a-car to be delisted via tender offer and full share swap
- Corporate value expected to be boosted by elimination of dual listing issues & strengthening of SK Rent-a-car’s competitive edge

SK Networks brings in SK Rent-a-car as a wholly owned subsidiary.

The two companies announced that they convened board meetings on the 18th and resolved to authorize SK Networks to bring in SK-Rent-a-car as a wholly owned subsidiary by owning 100% equity in the latter. SK Networks currently holds 72.9% equity in SK Rent-a-car.

SK Rent-a-car, launched as a consolidated legal entity between SK Networks’ car rental business division and AJ Rent-a-car acquired by SK Networks in 2019, has spearheaded innovation of the car rental industry, rolling out the long-term car rental online channel Direct and the driving mileage-based charging plan TAGO PAY to forge a path in the EV-centric eco-friendly car rental market. Moreover, SK Rent-a-car has continued to lift the standard of customer-centric mobility service, including EVs in the service coverage of their proprietary integrated vehicle management solution ‘Smartlink.’

The board resolution will facilitate SK Rent-a-car’s initiative to seek a variety of investment/partnership options for mobility business in the changing industrial landscape. SK Networks is also expected to enhance its corporate value as a business-centric investment firm because its dual listing issue with SK Rent-a-car in which the company owns over 70% equities will be solved.
To protect the shareholders of SK Rent-a-car, SK Networks will tender offers to purchase SK Rent-a-car stock at 13,500 won per share from the 21st to the 11th of next month, launching a small-scale share swap process for the balance of shares upon a board resolution. SK Rent-a-car will hold an extraordinary shareholders’ meeting sometime this year. SK Rent-a-car will be delisted around late January next year, as the required processes subsequent to an approval by the shareholders’ meeting are completed and share swap is wound up early next year.

After completion of the delisting, SK Rent-a-car vows to improve the efficiency of each business process and define future growth path to further enhance business competitiveness.

"SK Rent-a-car will be brought in as a wholly-owned subsidiary and rendered more competitive to deliver greater corporate value to both companies," an official at SK Networks said. "We will leave no stone unturned in the subsequent procedure to enlist positive response from stakeholders."