Finance

SOOP to cancel 18.9 billion won of treasury shares, 2.7 percent of shares outstanding

SOOP will cancel treasury shares equivalent to about 2.7 percent of its total shares outstanding. The company said its board on Sept. 4 decided to cancel 306,375 common shares it holds. The planned cancellation amount is about 18.9 billion won based on book value, with the cancellation scheduled for Sept. 10. SOOP said the move will not reduce its capital stock and is part of previously flagged plans to use its treasury shares.

Industry

SK Innovation to absorb SK IET as business division, targets operating profit break-even in 2029

SK Innovation plans to absorb SK IE Technology (SK IET) as a business division, targeting an annual EBITDA improvement of 60 billion won through organisational consolidation and lower interest costs. The merger is set for Jan. 1, 2027, and SK IET will cease to exist. The company aims to turn the separator business EBITDA positive within 2 to 3 years and expects operating profit to return to the black in 2029, with a focus on ESS demand.