Oil Prices Rise as US-Iran Tensions Threaten Strait of Hormuz Oil Shipments 
Australia Sues Amazon Over Prime Video Ads and Subscription Terms 
Canada Grants C$7 Million to Greenland Molybdenum Mine to Strengthen Critical Minerals Supply 
Gold Price Hits Annual Low as Fed Rate Hike Bets and Sticky Inflation Weigh on Bullion 
Morgan Stanley Names BAE Systems Top European Defence Stock Despite Lower Price Target 
Economic pessimism has set in – but there are reasons for Australians to be hopeful 
Nomura Stock Upgraded to Buy by BofA as Stronger ROE and Earnings Growth Boost Outlook 
Global Financial Firms Shift Asia Expansion Focus to South Korea as China, India Face Caution 
Central Banks Eye Gold, Reduce Dollar Exposure as AI Adoption Accelerates: OMFIF Survey 
Asian Currencies Stay Range-Bound as Investors Eye China Data, RBNZ Outlook and U.S.-Iran Ceasefire 
Amazon Prime Day 2026 Sales Top $26.4 Billion as Shoppers Chase Discounts Amid Inflation 
US Dollar Slips After PCE Inflation Data as Fed Rate Hike Expectations Stay Elevated 
China Expands Export Controls, Adds 20 Japanese Companies to Restricted List 
Samsung, SK Hynix to Unveil $1.3 Trillion AI and Semiconductor Investment Plan 
China Eastern Orders 25 Airbus A330neo Jets in $9.35 Billion Deal to Boost International Expansion 
Asian Stocks Slip as US-Iran Ceasefire Hopes Lift Oil, Dollar Strength Persists 
China Sets 1.25% Overnight Reverse Repo Rate Below Market Expectations 
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
