Opposition from internal members is surfacing over SK Square’s push to sell its subsidiary OneStore. The union has begun collective action, opposing what it called a rushed sale without transparent procedures and a fair valuation.

The OneStore labor union said on June 17 it held a rally on the afternoon of June 16 outside SK Square’s headquarters in central Seoul and urged management to transparently disclose the basis for calculating the sale price, the transaction structure and measures to guarantee app market neutrality.

About 100 OneStore employees took part voluntarily in the rally. They gathered after work to avoid disrupting operations and service management, chanting slogans including “Oppose the bargain-basement sale of Korea’s leading app market,” “Disclose the basis for the valuation,” and “Guarantee app market neutrality,” and expressed concerns.

The union stressed that OneStore is a homegrown app market created jointly by South Korea’s three telecom companies and Naver to counter the monopoly of foreign app markets. It said a bargain-basement sale could have negative effects on developers, users and the broader domestic app market ecosystem. It also said a thorough review is needed to determine whether OneStore can remain an independent and fair app market after a change in operator.

The union made five formal demands to SK Square and OneStore management: an official explanation of whether the sale is being pursued and the deal structure; disclosure of the basis for calculating corporate value and the business value reflected in the sale price; transparency on the background of negotiations with specific acquisition candidates; measures to ensure app market neutrality and protect developers and users after a change in operator; and safeguards against damage to the value of employee shareholders and a guarantee of business continuity.

Union leader Soon-gi Hwang (황순기) said, “OneStore is not an asset that can be lightly disposed of based solely on a specific shareholder’s financial calculations, but market infrastructure that the domestic mobile content ecosystem has built together.” He added, “We oppose a bargain-basement, rushed sale pursued without a fair valuation, without a transparent process, and without verification of neutrality as Korea’s leading app market.”

The union said that if SK Square and OneStore management fail to provide sufficient explanations, it plans to gradually step up its response after gathering members’ views.