SK Rent-a-Car Incorporated as 100% Subsidiary of SK Networks...Delisting Scheduled for End of January Next Year

SK Networks announced on the 18th that it held a board meeting and decided to incorporate SK Rent-a-Car as a 100% subsidiary.

At the board meeting, the agenda to secure 100% of SK Rent-a-Car's shares through a tender offer and a comprehensive stock swap method, thereby incorporating it as a subsidiary, was approved.

SK Networks currently holds 72.9% of SK Rent-a-Car's shares.

To protect the shareholder value of SK Rent-a-Car, SK Networks will conduct a tender offer for SK Rent-a-Car shares at 13,500 KRW per share from the 21st of this month until the 11th of next month.

Based on the closing price on that day, SK Rent-a-Car's stock price was 12,770 KRW, and the remaining shares will be processed through a small-scale stock exchange procedure following the board's resolution.

If approved at an extraordinary general meeting of shareholders within this year, SK Rent-a-Car will proceed with subsequent procedures. The stock swap is expected to be completed early next year, followed by delisting at the end of January.

Meanwhile, SK Rent-a-Car was launched as an integrated corporation when SK Networks acquired AJ Rent-a-Car in 2019 and merged its own rent-a-car business division. It has introduced the long-term rent-a-car online channel "Direct" and the mileage-based fare product "TagoPay," while pioneering the eco-friendly rent-a-car market centered on electric vehicles.

An SK Networks official said, "By incorporating SK Rent-a-Car as a wholly owned subsidiary and enhancing business competitiveness, we will ultimately increase the corporate value of both companies," adding, "We will proceed with the procedures thoroughly to gain support from shareholders and other stakeholders."