SKC Acquires 10,400 Shares of Subsidiary Ecovance

[Asia Economy Reporter Lee Seon-ae] SKC announced on the 23rd that it will acquire 10,400 shares of its subsidiary EcoVance Co., Ltd. (tentative name) for 104 billion KRW. This corresponds to 5.43% of its equity capital. The acquisition method consists of 79 billion KRW in technology investment and 25 billion KRW in cash investment. The purpose of the acquisition is to promote the biodegradable plastic business. The scheduled acquisition date is October 31, 2023.

EcoVance Co., Ltd. is a company that SKC plans to establish in November, with SKC (57.8%), Daesang (001680) (22.2%), and LX International (001120) (20%) each investing separately.