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SK Holdings sells HK$3.15 bln worth of ESR Cayman shares

09:43 September 17, 2020

SEOUL, Sept. 17 (Yonhap) -- SK Holdings Co., the holding firm of South Korean energy and telecom conglomerate SK Group, said Thursday it sold HK$3.15 billion (US$406 million) worth of shares in property investor ESR Cayman.

SK Holdings offloaded 140 million shares of ESR Cayman at HK$22.50 each to unidentified funds in a block deal.

The logistics real estate developer serves such customers as U.S. online retail giant Amazon, Chinese e-commerce giant Alibaba and Chinese e-commerce retailer JD.com.

The logo of SK Holdings Co (Yonhap)

After the selloff, SK Holdings owns 6.4 percent of ESR Cayman. Its stake is valued at about 740 billion won (US$629.6 million) as of Wednesday.

SK Holdings had bought 11 percent of ESR Cayman for about 490 billion won in August 2017 and September 2018, ahead of ESR Cayman's initial public offering in November 2019.

SK Holdings has made a series of investments in foreign companies in recent years as part of its efforts to diversify its revenue sources.

In May, SK Holdings Co. invested 8 billion won in Singapore's Hummingbird Bioscience, which focuses on the development of novel antibody-based therapeutics.

Last year, SK Holdings invested about $5 million in the Chinese biotech company Harbour BioMed.

In 2017, SK Holdings invested $1 billion in Eureka Midstream, a U.S. midstream energy company handling the gathering, transportation and compression of natural gas.

entropy@yna.co.kr
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