[Featured Stock] SK Networks Rises for Second Day, Up 8% on Acquisition of Estraffic Electric Vehicle Charging Business...

[Asia Economy Reporter Kwon Jae-hee] SK Networks announced that it will acquire the electric vehicle charging business division of Estraffic, a leading company in the rapid charging industry, and its stock price has been showing strength for the second consecutive day.

As of 9:42 a.m. on the 25th, SK Networks was trading at 4,735 KRW on the KOSPI market, up 8.85% compared to the previous trading day. During the session, SK Networks' stock price rose to a high of 4,750 KRW before giving up some of the gains.

The previous day, SK Networks' stock price also rose as much as 8.83% intraday to 4,560 KRW.

On the 23rd, SK Networks held a board meeting and approved an agenda to acquire existing shares and participate in a paid-in capital increase of a new corporation tentatively named "SS Charger Co., Ltd." to be established by Estraffic through a physical division of its electric vehicle charging business division.

SK Networks plans to invest 72.8 billion KRW to secure a 50.1% stake in the new corporation.

Through this investment, SK Networks aims to become the number one player in the rapidly growing electric vehicle charging market and establish a growth engine.