Dollar Near Two-Week High as Stock Rout, AI Concerns and Global Events Drive Market Volatility 
Silver Prices Plunge in Asian Trade as Dollar Strength Triggers Fresh Precious Metals Sell-Off 
Asian Stocks Slip as Tech Rout Deepens, Japan Steadies Ahead of Election 
TrumpRx Website Launches to Offer Discounted Prescription Drugs for Cash-Paying Americans 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
Dollar Steadies Ahead of ECB and BoE Decisions as Markets Turn Risk-Off 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
Nvidia CEO Jensen Huang Says AI Investment Boom Is Just Beginning as NVDA Shares Surge 
Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
Singapore Budget 2026 Set for Fiscal Prudence as Growth Remains Resilient 
SpaceX Pushes for Early Stock Index Inclusion Ahead of Potential Record-Breaking IPO 
Toyota’s Surprise CEO Change Signals Strategic Shift Amid Global Auto Turmoil 
Bank of Japan Signals Readiness for Near-Term Rate Hike as Inflation Nears Target 
Gold Prices Slide Below $5,000 as Strong Dollar and Central Bank Outlook Weigh on Metals 
Once Upon a Farm Raises Nearly $198 Million in IPO, Valued at Over $724 Million 
Vietnam’s Trade Surplus With US Jumps as Exports Surge and China Imports Hit Record 
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
