SK Innovation Confirms its Decision to Spin-off the Battery and E&P Divisions

Yun Sang-ho

crow@ddaily.co.kr

[Digital Daily]

Seoul, Korea, September 16, 2021- SK Innovation announced that several agenda items including partial amendments of statutes of the company and the approval for the split-off of its battery and oil exploration and development (E&P) have passed in an extraordinary shareholders' meeting held at SUPEX Hall, SK Seorin Building, Jongno-gu, Seoul, Korea today.

Resulting from the approval from the extraordinary shareholders' meeting, two newly established corporations (tentatively) named SK Battery Co., Ltd., and SK E&P Co., Ltd. will be officially launched on the coming October 1, 2021.

In the extraordinary shareholders' meeting, the spin-off item of the two new corporations, battery and oil exploration and development businesses was passed at a 80.2 % of approval rate. Also passed include some amendments on the company's statutes including: ▲ the introduction of corporate governance charter, ▲ modification of the names of committees under BoD, and ▲ establishment of a provision to allow dividends through momentary means, stocks, and other properties at the confirmation rate of 97.9%.

SK Innovation CEO & President Jun Kim stated, "It is an inevitable decision in an attempt to gain the unwavering upper hand in the face of increasingly fierce global competition by enhancing each business's expertise and competitiveness. We will make the most out of this spin-off to expedite the qualitative and quantitative growth of our company by sharpening our competitive edge with the establishment of distinctive and customized management systems.'

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