{"id":14788,"date":"2023-06-23T17:48:36","date_gmt":"2023-06-23T08:48:36","guid":{"rendered":"https:\/\/askinno.com\/global\/?p=14788"},"modified":"2023-06-27T11:47:03","modified_gmt":"2023-06-27T02:47:03","slug":"sk-innovation-decides-to-increase-paid-in-capital-by-krw-1-18-trillion","status":"publish","type":"post","link":"https:\/\/askinno.com\/global\/archives\/14788","title":{"rendered":"SK Innovation decides to increase paid-in capital by KRW 1.18 trillion"},"content":{"rendered":"

\u25a0 Board of Directors approved capital increase for shareholder allocation and Vice Chairman Kim Jun sent a shareholder letter on the 23rd<\/sup> <\/span><\/strong><\/p>\n

\u25a0 To secure investment funds for future new growth businesses, strengthening R&D capabilities, and establishing a stable financial structure<\/span><\/strong><\/p>\n

\u25a0 Expecting to improve the profitability of battery business and increase the company\u2019s corporate value, granting existing shareholders the right to subscribe to new shares<\/span><\/strong><\/p>\n

 <\/p>\n

SK Innovation continues to build a virtuous cycle of \u201cstability and growth\u201d by making a paid-in capital increase worth about KRW 1 trillion. Following the successful large-scale financing of its subsidiary SK On (battery business), this is a preemptive step of SK Innovation in securing investment funds for future new growth businesses, strengthening its R&D capabilities, and establishing a stable financial structure, which are essential for the acceleration of innovation in the future. <\/span><\/p>\n

 <\/p>\n

SK Innovation has announced today that its Board of Directors (BOD) decided to make a paid-in capital increase worth KRW 1.18 trillion. The planned issue price is KRW 143,800 per share, and 8.19 million new shares (ratio: 8.7%) will be issued. The final issue price will be confirmed in upcoming September. The paid-in capital increase is going to be carried out through general public offering of forfeited stocks after the shareholder allocation process.<\/span><\/p>\n

 <\/p>\n

Vice Chairman & CEO of SK Innovation Kim Jun explained the background of this decision through a shareholder letter after the public announcement of the paid-in capital increase. \u201cAs we innovate to transition from \u2018Carbon to Green\u2019, the Company has made sizable investments in battery and other green businesses,\u201d Vice Chairman Kim explained. \u201cFurthermore, we will expedite the development of new green businesses including the next-generation Small Modular Reactor (SMR), hydrogen\/ammonia, energy solutions, and waste-to-energy to consolidate our position as the \u2018Green Portfolio Designer & Developer\u2019 in the field of future energy,\u201d he continued. <\/span><\/p>\n

 <\/p>\n

SK Innovation announced through its \u201cCarbon to Green\u201d strategy revelation in 2021 that it would increase the proportion of green assets from 30% (by 2020) to 70% by 2025 and change the company\u2019s business structure to a green-centered one. Since then, the electric vehicle batteries and separators (LiBS) business have risen in the global ranks, and the company is actively preparing to establish a green campus to strengthen next-generation energy investment, new business development, and R&D infrastructure. Vice Chairman Kim added, \u201cAside from the paid-in capital increase, SK Innovation will exert strenuous efforts via diverse measures such as asset rationalization so as to achieve financial stability.\u201d<\/span><\/p>\n

 <\/p>\n

Vice Chairman Kim also explained how the company will protect shareholder value. \u201cWe expect there to be a renewed market assessment on SK Innovation\u2019s corporate value as SK On\u2019s profitability improves quickly buoyed by the US AMPC program\u2019s tax credit benefits and increase in overseas plant productivity.\u201d \u201cTherefore, we decided to offer shareholders the rights to subscribe to the newly issued shares.\u201d<\/span><\/p>\n

 <\/p>\n

He continued, \u201cSK Innovation shared its policy on mid to long-term shareholder return in conjunction with SK On\u2019s future IPO during the \u2018Dialogue with Shareholders\u2019 session last March.\u201d \u201cThe Company\u2019s strong commitment to shareholder return still remains valid and we will also explore ways to utilize the treasury stocks owned by the Company to enhance shareholder value.\u201d<\/span><\/p>\n

 <\/p>\n

Vice Chairman Kim said, \u201cAside from the paid-in capital increase, SK Innovation will exert strenuous efforts via diverse measures such as asset rationalization so as to achieve financial stability.\u201d He ended the letter by thanking the shareholders\u2019 \u201cunwavering support and for continuing to join us on our journey.\u201d<\/span><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

\u25a0 Board of Directors approved capital increase for shareholder allocation and Vice Chairman Kim Jun sent a shareholder letter on the 23rd \u25a0 To secure investment funds for future new growth businesses, strengthening R&D capabilities, and establishing a stable financial structure \u25a0 Expecting to improve the profitability of battery business and increase the company\u2019s corporate … Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":10773,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,4,8,56],"tags":[1477,875,184,110,1478],"class_list":["post-14788","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporates","category-press-room","category-press-release","category-sk-innovation","tag-capital","tag-carbon-to-green","tag-investment","tag-libs","tag-paid-in-capital"],"acf":[],"_links":{"self":[{"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/posts\/14788","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/comments?post=14788"}],"version-history":[{"count":8,"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/posts\/14788\/revisions"}],"predecessor-version":[{"id":14798,"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/posts\/14788\/revisions\/14798"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/media\/10773"}],"wp:attachment":[{"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/media?parent=14788"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/categories?post=14788"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/tags?post=14788"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}