SK Holdings Co. Ltd. said March 5 that its board approved the sale of its 10% stake in SK Securities Co. Ltd. to Seoul-based private equity investor J&W Partners for 51.5 billion South Korean won.
The South Korean company has been exploring a sale of the stake since June 2017 to comply with holding company regulations under the Monopoly Regulation and Fair Trade Act. Nonfinancial holding companies are barred from holding stakes in financial firms.
In August 2017, SK Holdings signed a contract to sell the 10% stake to CAPE Investment & Securities Co. Ltd., but that deal was recently canceled after CAPE Investment failed to clear the Financial Supervisory Service's shareholder eligibility test.
SK Holdings' new agreement with J&W Partners is also subject to regulatory review.
J&W Partners has agreed to keep SK Securities' employees on the payroll under new management.
As of March 5, US$1 was equivalent to 1,077.53 South Korean won.
