SEOUL: SK Innovation confirmed plans to make its battery business a stand-alone unit, sending its shares down as much as much as 7.9 per cent in morning trade to hit a near four-month low.
The company said it expected refining margins to gradually improve in the second half as COVID-19 retreats and demand rebounded. "These split-offs are meant to preemptively strengthen fundamental competitiveness by building a management system suitable for the characteristics of each business," Kim Jong Hoon, SK Innovation's board chairman, said in a statement.
Rival LG Energy Solution Ltd , wholly owned by LG Chem Ltd's from which it was carved out last year, plans to go public this year. LGES counts Tesla Inc, General Motors Co and Hyundai Motor Co among its customers.
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