SK Group, South Koreas second-largest business group in terms of total assets, has asked the countrys state-run Korea Development Bank for more funds as it is set to streamline its business to focus on promising growth engines, such as batteries and chips, after years of making ineffective investments.
According to sources in the countrys financial authorities on Thursday, SK Group Chairman Chey Tae-won met with KDB Chairman Kang Seong-hoon to explain the groups business reorganization plan and asked the policy bank for more funds.
The restructuring plan includes a merger between SK Innovation Co. and SK E&S Co.; eliminating redundant businesses among over 200 affiliates; and the disposal of non-core units to…
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