Han Myung-jin, CEO of SK Square, presented the enhancement of portfolio (subsidiaries) as the company's top priority this year. To achieve this, he also identified this year's goal of turning Tmap Mobility and 11Street's earnings before interest, taxes, depreciation, and amortization (EBITDA) into a surplus. Additionally, like last year, the company will continue to liquidate non-core assets and find new investment opportunities in artificial intelligence (AI) and AI semiconductors. Furthermore, he stated regarding market rumors about a merger with SK, "There is no consideration regarding this."
At the 4th regular shareholders' meeting of SK Square held at SKT Tower in Euljiro, Jung-gu, Seoul, CEO Han emphasized, "This year's key tasks for SK Square are active portfolio enhancement, liquidating non-core assets, and finding new investment opportunities."
Regarding portfolio enhancement, CEO Han noted that he plans to actively support the competitiveness of companies such as Tmap Mobility and 11Street. First, Tmap Mobility and 11Street set a target for turning their EBITDA into a surplus this year. Han stated, "Tmap Mobility is planning to accelerate its growth as a data company by connecting with AI technology to evolve into a unique mobility service company." He continued, "11Street is seeing an increase in performance in both open market and direct purchases," adding, "Aside from the sale process, it should also establish its own survival base."
In response to a shareholder's question about whether there are any merger reviews with SK, CEO Han responded, "To be clear, we are not considering a merger with SK, nor have we considered it." The merger of the two companies has been mentioned as one option in the restructuring of SK Group.
The continuous promotion of liquidating non-core assets will also proceed. Last year, SK Square completed the sale of some subsidiaries held by KRAFTON, ONE store, and Tmap Mobility, which totaled 260 billion won. CEO Han stated, "By 2027, we plan to secure funds of around 2 to 3 trillion won through the liquidation of non-core assets and dividend revenues."
CEO Han also explained the new investment targets for SK Square this year. Key investment areas under consideration include AI, AI semiconductors, and infrastructure efficiency technologies such as data centers. He stated, "Manufacturers of cutting-edge packaging technology for semiconductors used in AI chips and companies solving power bottlenecks in AI data centers could become new investment targets," and added, "Investments in areas where synergy can be achieved with SK hynix are also important."
Regarding the merger of Tving and Content Wave, which is currently in progress, the plan is to grow in a direction that provides differentiated value to users. However, CEO Han refrained from commenting on the completion timeline of the merger between the two companies, stating, "We have filed a business combination report with the Fair Trade Commission, and the process is proceeding smoothly without any procedural issues," while emphasizing, "In the case of a merger, it is necessary to obtain the consent of all shareholders from both companies, making it difficult to confirm the timing."
On this day, SK Square passed agendas including the approval of the 4th financial statements, the appointment of Hong Ji-hoon as an outside director and Jeong Jae-heon as a non-executive director, the election of Hong Ji-hoon as a committee member, and the approval of the director's compensation limit. After the shareholders' meeting, the board of directors also decided to buy back and retire treasury shares valued at 100 billion won.