With SK Square known to be pursuing a sale of its OneStore unit, OneStore's labour union voiced concerns about an undervaluation and called for a transparent sale process.

Industry sources said on Sunday that SK Square is pushing ahead with the sale of OneStore. The company's value is known to be about 70 billion won, and Nexthrust, a KOSDAQ-listed firm, is being widely mentioned as the leading candidate buyer.

In a statement released on Sunday, the OneStore labour union formally expressed concerns about a sale proceeding without a fair valuation and a transparent process as prerequisites.

The union said OneStore is a leading South Korean app market created jointly by the three telecom operators and Naver to protect the domestic content industry and seek a path of shared growth in response to the monopoly of foreign app markets. It said OneStore is not a simple portfolio asset that can be lightly disposed of based solely on the financial judgment of a particular shareholder.

The union also asked SK Square and OneStore management for clear explanations on 5 key issues. These include an official explanation of whether a sale is being pursued and the transaction structure, a presentation of the basis for the corporate valuation, confirmation of the background and fairness of the negotiation process with a specific acquisition candidate, an analysis of how a change in the operating entity would affect the app market's neutrality, and measures to protect the value of employee shareholders and ensure business continuity.

Hwang Soon-gi (황순기), chair of the OneStore labour union, said the union opposes any sale that does not guarantee a fair valuation, a transparent sale process, protection for members and employee shareholders, OneStore's business continuity, and its neutrality and trust as a leading South Korean app market, and that it will take all necessary responses.