SK Networks to split off SpeedMate, trade division
Hyung-Kyu Kim
Jun 18, 2024 (Gmt+09:00)
South Korea's SK Networks Co. plans to split off its auto management division SpeedMate and its trading unit.
The board of directors approved the plan, the company said in a statement on Monday.
Following an extraordinary general meeting of shareholders in August, SpeedMate will be launched as a new entity in September, with the trading division to follow in December.
"We decided on the split-off to ensure the long-term growth of our subsidiaries in line with our future growth strategy," an SK Networks source said. "Each subsidiary will gain business momentum under an independent decision-making structure.'
The company plans to split off additional business divisions to establish an intermediate holding company structure.