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| 11번가. (사진=11번가) |
[Alpha Biz=(Chicago) Reporter Kim Jisun] Open Market 11th Street is in the process of forced sale. SK Group has finally decided not to exercise its right to buy a stake in financial investors (FI).
According to the investment banking (IB) industry on the 30th, SK Square held a board meeting on the same day and passed a bill to abandon call options on 11th Street. SK Square is the largest shareholder with a 80.26% stake in 11th Street.
SK Square attracted 500 billion won from private equity fund (PEF) H & Q Korea and Near Private Equity (PE) in 2018 and promised to recover investment through initial public offering (IPO) by September this year. However, as the sale failed following IPO, the company had to decide whether to exercise the call option, which is the right to buy a 18.18% stake in H & Q Korea and Inius PE by early next month. When exercising the call option, the principal had to be 500 billion won with an annual return rate (IRR) of 8%.
SK Square gave up the call option, judging that the call option exercise could be a breach of trust for SK Square shareholders. It's because of the reduced corporate value. SK Square's corporate value was 2.75 trillion won when it was invested five years ago, but now it has fallen to half.
SK Group has been pushing for the sale of 11th Street over the past year, but has made little progress.
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
