South Korea's SK Holdings Co. Ltd. has kicked off an auction process for a 10.04% stake in unit SK Securities Co. Ltd.

The conglomerate said in a June 8 regulatory disclosure that it has hired a deal adviser to off-load the stake in the broker/dealer.

SK Holdings has hired KPMG's South Korean unit as financial adviser, The Chosun Ilbo reported June 8, citing investment banking industry sources.

SK Holdings, the largest shareholder of SK Securities, has to complete the stake sale by Aug. 1 to satisfy requirements under the country's fair trade law that says nonfinancial holding companies cannot own stakes in financial institutions.

The stake is expected to be priced at more than 50 billion South Korean won, The Chosun Ilbo reported.

As of June 8, US$1 was equivalent to 1,122.68 South Korean won.