SK ecoplant said on the 13th it approved a plan to purchase all 5.65 million shares (42.8%) of redeemable convertible preferred shares (RCPS) issued by its subsidiary SK Eco Engineering.
Eco Energy Holdings, the seller of the RCPS, is a special-purpose company established by Mirae Asset Securities and Eum Private Equity to invest in SK Eco Engineering. The purchase price is about 362 billion won.
With this, SK ecoplant will secure 100% equity in SK Eco Engineering. After the physical spin-off in 2022, it will be reorganized as a 100% subsidiary of SK ecoplant in about four years.
SK ecoplant said it decided on the purchase to simplify SK Eco Engineering's equity structure and strengthen financial stability. It also expects the early redemption of the RCPS to help reduce potential financing costs.
SK ecoplant plans to strengthen business links with SK Eco Engineering to enhance capabilities centered on AI (artificial intelligence) infrastructure.
An SK ecoplant official said, "It is a decision to streamline the financial structure and focus on core businesses," adding, "We will strengthen our ability to carry out stable operations in the AI infrastructure field."