SK Innovation said on Monday that it will sell shares of its subsidiary SK Global Chemical to a strategic investor.
JP Morgan was overseeing the sales. SK Innovation currently has 100% ownership over SK Global Chemical. It is willing to sell up to 49% of its stake and will retain managerial rights over its subsidiary.
SK Innovation said SK Global Chemical has been attempting to make deep changes to move away from its focus on petrochemical to more green energies.
Seeking out a strategic investor was part of that plan, SK Innovation added.