SK Group, South Koreas second-largest business group in terms of total assets, has asked the countrys state-run Korea Development Bank for more funding as it is set to streamline its business to focus on promising growth engines, such as batteries and chips, after years of ineffective investments.
According to sources with 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 to ask 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 disposing of non-core units t…
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