South Korea’s SK Networks Co. plans to split off its auto management division Speedmate and its trading unit.
The board of directors approved the plan, the company said in a statement on Monday.
Following an extraordinary general meeting of shareholders in August, Speedmate will be launched as a new entity in September, with the trading division to follow in December.
“We decided on the split-off to ensure the long-term growth of our subsidiaries in line with our future growth strategy,” an SK Networks source said. “Each subsidiary will gain business momentum under an independent decision-making structure.’
The company plans to split off additional business divisions to establish an intermediate holding company structure.
By Hyung-Kyu Kim
khk@hankyung.com
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