South Korea’s SK Innovation Co. Friday denied media reports that it was mulling divesture in some of its holdings in wholly-owned SK Lubricants Co.

“Although we are seeking ways to improve financial conditions and secure fund for new businesses, nothing has been decided,” the company said in a disclosure.

Rumors had spread a day earlier that SK Innovation named Citi Global Market Securities as the lead manager for its stake sale of SK Lubricants and were in contact with potential buyers.

The company has been actively seeking ways to expand its electric vehicle battery operation.

In a conference call after the second-quarter earnings release last year, SK Innovation announced its initial public offering plan for SK IE Technology to enhance financial soundness.

SK Lubricants is a leading lubricants producer and reported an operating profit of 293.9 billion won ($247.8 million) on sales of 3.37 trillion won last year.

Shares of SK Innovation fell 5.49 percent to close Friday at 172,000 won in Seoul.

By Lee Ha-yeon

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]