[Featured Stock] Estrafic Hits Upper Limit... SK Networks Enters Electric Vehicle Charging Market

[Asia Economy Reporter Hwang Junho] On the 24th, the stock prices of both SK Networks and Estraffic showed simultaneous gains following news that SK Networks will acquire Estraffic's electric vehicle charging business division.

As of 9:54 AM on the 24th, SK Networks recorded 4.18% increase from the previous trading day, reaching 4,365 KRW. At the same time, Estraffic hit the price limit up (29.90%) at 5,170 KRW.

SK Networks announced that it held a board meeting the previous day and decided to participate in the acquisition of existing shares and a paid-in capital increase of "SS Charger (tentative name)," a new company to be established by Estraffic through a physical division of its electric vehicle charging business division.

SK Networks will invest a total of 72.8 billion KRW to secure a 50.1% stake in the new corporation. Through this investment, the company aims to become the number one player in the electric vehicle charging market. Earlier this year, SK Networks also invested 10 billion KRW in "Everon."