The shareholders of oil refiner SK Corp. Tuesday approved its plan to split itself into a holding company and an energy operator.
The approval came following the board decision in April to divide the South Korea’s biggest oil refiner into two entities starting July 1 _ SK Holdings Co. and SK Energy Co.
SK Holdings will be in charge of investing in subsidiaries and the life science sector, while SK Energy will handle the energy and chemical businesses, SK Corp. said.
The envisioned holding company will have seven major affiliates under its wing, including SK Energy, top mobile carrier SK Telecom and trading company SK Networks Co.
Shareholders will receive a 0.29 share of the holding company and a 0.71 share of the operating company for each SK Corp. share.
Trading of SK Corp.'s shares will be suspended on June 27. SK Holdings and SK Energy are scheduled to be listed and begin trading shares on July 25, the company said.
In April, the board also decided to allow SK Corp. Chairman Chey Tae-won to lead the holding firm.
The chief executive officer of SK Energy will be appointed at its first board meeting to be held on July 2, the company said.
"This important restructuring is the result of our shareholders' support for the progress we have made, creating value in our businesses. We believe we can achieve great results for all our global stakeholders," Chey said, after the shareholders' meeting.
SK said shareholders who owned a combined 79.68 percent of the company's 130 million outstanding stocks voted for the creation of the holding company.