SK Innovation has decided to merge its subsidiary SK On with SK Enmove and implement a large-scale capital increase.

On August 7th, SK Innovation announced the merger of its subsidiaries SK On and SK Enmove, and decided to carry out a large-scale capital expansion. On July 30th, SK Innovation, SK On, and SK Enmove each held board meetings and voted to approve the merger proposal. According to the decision, SK On will absorb and merge with SK Enmove, and the new company will be officially established on November 1st of this year. On the same day, SK Innovation and SK On also approved third-party share issuances and paid-in capital increases at the board meeting, initiating a large-scale capital expansion plan. By 2025, SK Innovation plans to raise a total of 80 trillion Korean won in capital. At the same time, SK Innovation plans to reduce debt by more than 15 trillion Korean won this year through the sale of non-core assets and asset securitization.