Hyundai Oilbank Co., Ltd., Koramco Energy Plus Reit and Koramco REITs Management & Trust Co., Ltd. completed the acquisition of retail sales of petroleum products business from SK Networks Internet Inc.
June 31, 2020
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Hyundai Oilbank Co., Ltd., Koramco Energy Plus Reit and Koramco REITs Management & Trust Co., Ltd. agreed to acquire retail sales of petroleum products business from SK Networks Internet Inc. for KRW 1.3 trillion on March 4, 2020. Hyundai Oilbank Co., Ltd., Koramco Energy Plus Reit and Koramco REITs Management will pay KRW 66.8 billion, KRW 965.2 billion and KRW 300.1 billion respectively. Under the terms, SK Networks Internet Inc. received KRW 33.5 billion on March 4, 2020 and the remaining amount of KRW 1298.6 billion on the closing date. The meeting of shareholders of SK Networks Internet Inc. is scheduled on April 22, 2020. The transaction is expected to close on June 1, 2020. Credit Suisse International acted as a financial advisor to SK Networks Internet Inc.
Hyundai Oilbank Co., Ltd., Koramco Energy Plus Reit and Koramco REITs Management & Trust Co., Ltd. completed the acquisition of retail sales of petroleum products business from SK Networks Internet Inc. on June 1, 2020 which is an estimated completion date.
Koramco Life Infra Reit Co Ltd, formerly Koramco Energy Plus REIT Co Ltd, is a Korea-based real estate investment trust (REIT) principally engaged in the acquisition, development, management, rental and dispose of real estates. The Trust secures funds from institutional and individual investors.
Hyundai Oilbank Co., Ltd., Koramco Energy Plus Reit and Koramco REITs Management & Trust Co., Ltd. completed the acquisition of retail sales of petroleum products business from SK Networks Internet Inc.