SK E&C rumored to ready IPO as it pushes green campaign and changes name

2021.03.04 15:28:31 | 2021.03.04 15:29:01

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Over-the-counter trading of SK Engineering & Construction Co. (SK E&C) shares has picked up amid rumors about an IPO possibly this year despite denial from the building arm of Korea’s third largest conglomerate.

SK E&C is tabling a motion to change its name to SK Ecoplant at the annual shareholders meeting later this month to represent the group-wide green initiative.

The change of identity has stirred rumors about its IPO plan.

“As for an unlisted company, SK E&C has been very active in having IR events,” observed an investment banker.

SK E&C has stayed mum on the details on the IPO with experts also against the plan within the year, given cold response to construction stocks.

SK E&C has been building up environmentally-friendly image since last year.

It acquired EMC Holdings Co., the largest No. 1 waste treatment platform provider in Korea, for 1.05 trillion won ($885.8 billion) last year. In January, it vowed business guidance on environment, renewable energy and eco-friendly construction.

SK E&C could be worth 2 trillion won or more, based on its value at the over-the-counter market K-OTC. On Wednesday, shares of SK E&C closed at 66,600 won at the K-OTC. The company has a total of 35,297,293 outstanding shares.

By Kang Woo-seok and Cho Jeehyun

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