New Zealand Fast-Tracks Gold Mining as Industry Revival Gains Momentum 
Wall Street Ends Mixed as Alphabet Slumps, Middle East Developments and Fed Outlook Weigh on Markets 
Australia Inflation Cools in May, But Core CPI Keeps RBA Rate Hike Risks Alive 
NTSB Investigates Boston Logan Airport Near-Miss Between Delta and American Airlines Jets 
Meta Reportedly Developing ‘Arena’ Prediction Market App to Rival Polymarket and Kalshi 
Oil Prices Slip as Iran Sanctions Relief and Hormuz Shipping Recovery Ease Supply Concerns 
Gold Prices Mixed as Stronger Dollar Offsets Safe-Haven Demand Amid U.S.-Iran Peace Talks 
China Keeps Loan Prime Rates Unchanged for 13th Straight Month as Policymakers Prioritize Credit Demand Recovery 
Anthropic AI Model Uncovers Vulnerabilities in Classified U.S. Government Systems During Security Test 
Singapore Inflation Stays Muted in May as Core CPI Misses Forecasts Ahead of MAS Review 
Trump’s Quantum Push Lifts IBM Stock as CEO Arvind Krishna Receives White House Praise 
Alphabet Stock Slides as AI Talent Exodus and SpaceX Losses Shake Investor Confidence 
SpaceX Stock Rebounds After Sharp Selloff, But Valuation Concerns Persist 
Japan Keeps Markets Guessing as Yen Nears 40-Year Low, Raising Intervention Risks 
Japan Manufacturing Growth Accelerates in June as Orders Surge Despite Iran War Cost Pressures 
Oil Prices Drop as U.S.-Iran Talks Ease Supply Concerns 
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.
