Korea Business News Agency - NSP NEWS AGENCY.

(Seoul=NSP NEWS AGENCY) = The merger between SK Innovation and SK E&S was passed with overwhelming approval at the extraordinary general meeting of shareholders.

SK Innovation announced that the merger agreement was approved at a special shareholders meeting held at the SK Seorin Building in Jongno-gu, Seoul on the 27th with 85.75% of shareholders in attendance voting in favor.

In particular, 95% of the foreign shareholders in attendance voted in favor of the merger, as ISS and Glass Lewis, the world’s largest proxy advisory firms, recommended approval for the merger. As the merger was approved at the extraordinary general meeting, the merged company will be officially launched on November 1.

The combined entity will be the largest private energy company in the Asia-Pacific region with assets of KRW 100 trillion and sales of KRW 88 trillion. In particular, SK innovation's petroleum and battery businesses, as well as SK E&S's liquefied natural gas(LNG) and renewable energy businesses, are expected to be combined to strengthen the competitiveness of the energy portfolio.

SK innovation expects the synergy effects from the merger alone to generate more than KRW 2.2 trillion in EBITDA by 2030, and aims to achieve KRW 20 trillion in total EBITDA.

By Soon-ki Lee(s8789@nspna.com) and Jeonghwa Choi(choijh@nspna.com)

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