The Board of Directors of SK Chemicals Co., Ltd. (KOSE:A006120) resolved to spin-off green chemicals and life science business on June 21, 2017. Under the terms of the deal, SK Chemicals Co. will become a holding company and will rename itself as SK Chemical Holdings Co., Ltd. The spun-off business will be named as SK Chemicals Co., Ltd. As on August 25, 2017, 0.5177867 common shares of the newly established company will be allocated for each common stock and 0.5177867 preferred shares of the newly established company will be allocated for each preferred stock of SK Chemicals Co., Ltd. The record date of the transaction is November 30, 2017. The spun-off entity reported total assets of KRW 1.6 trillion and total capital of KRW 720 billion as on March 31, 2017. With the approval of the board members at the meeting and after approval at a shareholders' general meeting to be held on October 27, 2017, SK Chemical will be divided into a holding company and operating companies on December 1, 2017. As on October 27, 2017, the shareholders of SK Chemicals Co., Ltd. have approved the deal. The shares are expected to be delivered to the shareholders on January 4, 2018 and the shares are expected to list on stock exchange on January 5, 2018.

The Board of Directors of SK Chemicals Co., Ltd. (KOSE:A006120) completed the spin-off of green chemicals and life science business on December 1, 2017. Post-completion, SK Chemicals Co., Ltd. will be renamed to SK Discovery Co., Ltd. Chang-Won Chey became the Chief Executive Officer of SK Discovery Co., Ltd. Chief Executive Officer Cheol Kim and Mahn-Hoon Park will be appointed to SK Chemicals Co., Ltd. being the established entity after the spin-off.