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• SK Discovery’s tender offer price is very low, representing a 74% discount to net assets.
• SK Chemicals has still not adequately compensated its shareholders for the split-off of SK Bioscience. The Korean regulator has recognised how split-offs can hurt the interests of investors.
• Only a wholesale restructuring can restore the market’s trust in SK Chemicals.

Metrica Partners Pte. Ltd. manages various investment funds that own shares in SK Chemicals Co., Ltd. (code: 285130).

SK Chemicals is currently subject to a tender offer by SK Discovery Co., Ltd. (code: 006120). SK Discovery is offering to buy 5.22% of SK Chemicals’ shares for ₩108,800 per share.

Metrica believes the offer price to be wholly inadequate and it does not intend to tender any of its funds’ shares. (more…)

• Metrica welcomes the recent value-improving initiatives announced by SK Chemicals (285130 KS Equity; 285130.KS)
• However, these measures have had only a very limited impact on the share price discount, which still exceeds 80%.
• Metrica calls for SK Chemicals to launch a formal strategic review within the next two months to consider further measures to address the discount, up to and including a sale or spin-off of SK Bioscience (302440 KS Equity; 302440.KS) shares.

Metrica Partners Pte. Ltd. (“Metrica”), a Singapore-based manager of various funds which hold shares in SK Chemicals, is today sending a letter to the CEO Mr. Jeon Kwang-Hyun and other board members.

The letter can be viewed at https://sk-shareholders.com/2021/12/14/second-letter-to-the-board/

It is a follow-up to Metrica’s first communication of 8 September, 2021.

Metrica continues to invite shareholders of SK Chemicals and other interested parties to subscribe to the distribution list at https://sk-shareholders.com/subscribe for further updates.

Shareholders may also contact Metrica directly at mail@sk-shareholders.com.

The Board of Directors
SK Chemicals Co., Ltd.
310, Pangyo-ro, Bundang-gu, Seongnam-si, Gyeonggi-do, 13494 Korea

Attention:
Mr. Jeon Kwang-Hyun
Mr. Kim Cheol
Mr. Moon Sung-Hwan
Mr. Park Jeong-Soo
Mr. Cho Hong-Hee
Mr. An Yang-Ho

15 December, 2021

Dear Mr. Jeon and other Members of the Board, (more…)

[ 5 Nov: updated to correct Mr. Jeon’s name. ]

Dear fellow shareholders,

Metrica was pleased to receive, earlier this month, a letter via registered mail from SK Chemical’s CEO and Representative Director, Mr. Jeon Kwang Hyun.

In it, Mr. Jeon expresses the company’s commitment to continue efforts to enhance the shareholder value of SK Chemicals. (more…)

Dear shareholders,

It has now been 11 days since the end of the lock-up period and 21 days since our website and campaign launch. So far, we have not seen any official response from the company. (more…)

We have added a contact form to the website. Please use this to get in touch with us. Thank you.

Dear fellow shareholders,

Since we launched our campaign a week ago, we have been truly overwhelmed by the level of support from shareholders large and small, all over Korea. We are sorry for not having replied to everyone individually yet due to the huge volume of messages. We sincerely appreciate everyone taking the time to write to us and please be assured that we are reviewing all the feedback and suggestions thoroughly. (more…)

The Board of Directors
SK Chemicals Co., Ltd.
310, Pangyo-ro, Bundang-gu, Seongnam-si, Gyeonggi-do, 13494 Korea
Attention: Mr. Moon Sung-Hwan, Chairman

(more…)

Metrica urges SK Chemicals to take advantage of the upcoming IPO lockup expiry to sell down its stake in SK Bioscience and distribute the proceeds to shareholders.

Please see the presentation below for further details.

Screen version

Print version

SK Chemicals (285130.KS) is a company within the SK Group. Its primary asset is its 68% stake in SK Bioscience (302440.KS).

This website has been created by shareholders of SK Chemicals who believe that the company’s value could be dramatically improved through a few simple actions.

It is intended to act as a rallying point, a forum for exchanging views and a springboard to further action.

Please contact us if you would like to know more.