Trump Endorses Japan’s Sanae Takaichi Ahead of Crucial Election Amid Market and China Tensions 
Tencent Shares Slide After WeChat Restricts YuanBao AI Promotional Links 
Vietnam’s Trade Surplus With US Jumps as Exports Surge and China Imports Hit Record 
Baidu Approves $5 Billion Share Buyback and Plans First-Ever Dividend in 2026 
Oil Prices Slide on US-Iran Talks, Dollar Strength and Profit-Taking Pressure 
Asian Stocks Slip as Tech Rout Deepens, Japan Steadies Ahead of Election 
TrumpRx Website Launches to Offer Discounted Prescription Drugs for Cash-Paying Americans 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
China Extends Gold Buying Streak as Reserves Surge Despite Volatile Prices 
Nintendo Shares Slide After Earnings Miss Raises Switch 2 Margin Concerns 
Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
Once Upon a Farm Raises Nearly $198 Million in IPO, Valued at Over $724 Million 
Gold and Silver Prices Slide as Dollar Strength and Easing Tensions Weigh on Metals 
Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
Australian Scandium Project Backed by Richard Friedland Poised to Support U.S. Critical Minerals Stockpile 
AMD Shares Slide Despite Earnings Beat as Cautious Revenue Outlook Weighs on Stock 
SpaceX Pushes for Early Stock Index Inclusion Ahead of Potential Record-Breaking IPO 
SKC is a South Korean firm that has led the country's material industry for more than four decades in the film and chemical markets. It is now transforming itself to become a high-value-added materials provider that will focus on eco-friendly materials, semiconductors, and rechargeable batteries.
For this change, SKC decided to sell its film business and focus more on the said industries. According to The Korea Herald, the company is selling the business for KRW1.6 trillion or around $1.2 billion. SKC's potential buyer is the private equity firm Hahn & Co.
SKC and Hahn & Co. have already signed a deal for the sale of the former's polyester film business, and this was stated in the regulatory filing that was filed on Wednesday, June 8. The agreement includes the business operations in the United States, China, and South Korea
SKC's film processing unit called the SKC Hi-Tech & Marketing, is expected to reach an agreement and completion of the deal before the end of this year. The company is aiming to use the earnings from the sale for its transition into a sustainability-focused advanced materials firm which it has been pursuing since 2016.
SKC is the first company in Korea to have a commercialized polyester film. This material is being used for a range of products, including magnetic strips for videotapes, LCD display panels for mobile phones, and other electronic goods.
SKC also produces and delivers copper foil to battery makers and fine ceramics to chip makers. The company also makes propylene oxide which is the base material of propylene glycol that is used in food, cosmetic goods, and medicine.
Pulse News further reported that SKC's sale of its film business will strengthen its parent company, SK Group's, commitment to shifting toward eco-friendly business as one of the global ESG materials solution providers.
In any case, SKC Ltd's shares have gone up on Wednesday after the news it is selling its profitable polyester (PET) film business spread in the industry. Apparently, many are looking forward to the company's shift in business.
