TikTok Halts Operations in the US, Anticipates Resolution Under Trump 
Trump Signals Likely TikTok Reprieve Amid App's Uncertain Future 
How Justin Trudeau’s resignation could affect the future of the Canadian Dental Care Plan 
US ‘TikTok refugees’ are fleeing to Chinese app RedNote. It’s a new phase of the digital cold war 
Cleveland Fed President Warns of Ongoing Inflation Challenge 
Trump's Economic Policies to Face New Challenges in 2025 
Supreme Court Decision Puts TikTok in Jeopardy Amid National Security Concerns 
South Korea Boosts Export Financing to Tackle U.S. Trade Policy Risks 
Say it with a picture: overcoming legalese in public procurement contracts 
The Silicon Valley venture capitalists who want to ‘move fast and break things’ in the defence industry 
Cleantech Investments to Surpass Oil and Gas in 2025: Key Trends 
Bank of Japan Eyes Rate Hike as Trump Era Begins 
Taiwan Delegation Extends Support at Trump Inauguration Amid China Tensions 
From Myanmar to Gaza, Ukraine to Sudan – 2024 was another grim year, according to our mass atrocity index 
The LA fires have prompted a reckoning for the insurance industry – Australian premiums could soar as a result 
SpaceX Starship Explosion Investigated After Caribbean Debris Fallout 
SK Inc. got rid of its stake in Socar car-sharing platform. The holding and IT services company based in Seoul sold all of its shares to Lotte Rental for KRW146 billion, which is about $110.5 million in US dollars.
SK Inc., the investment unit of SK Group, confirmed the sale of its stake to Lotte Rental on Thursday, Aug. 31. The portion of the unloaded share is equivalent to 17.9%, and the company made this move to raise a profit of about KRW40 billion.
According to Korea Joongang Daily, once the acquisition is completed, Lotte Rental will become the second largest shareholder of Socar, with its shares going up to 32.9%. With the deal, SK Inc. is looking to gain a 148% rate of return since it purchased its Socar stake in 2015 for only KRW59 billion.
"Through the selloff, SK Inc., we plan to accelerate the virtuous cycle of investment in securing new growth engines based on the successful sale of existing portfolios to secure investment funds," Seoul Economic Daily quoted Yoo Gyeong Sang, the head of SK Holdings' Digital Investment Center, as saying in a statement.
As mentioned, SK Holdings is planning to invest more in business that can be the company’s new growth drivers, especially in the mobility sector which can include electrification and autonomous driving. The holdings group will use the proceeds from the sale of Socar and Turo shares to expand its mobility unit in Southeast Asia, with Soka Malaysia as the center, as this is where SK has management rights.
In any case, Turo is a U.S.-based peer-to-peer vehicle-sharing platform that SK Inc. sold for KRW88.1 billion in March this year. The company earned a 121% return from the sale because it was bought for only KRW39.6 billion in 2017.
Photo by: SK Inc. Media Center
