Asian Tech Press (SEP 16) -- SK Innovations announced on its official website that shareholders have approved the decision to spin off its battery and oil exploration businesses and establish new companies.

SK Innovations will divest two companies - a company focused on the battery business and a company focused on oil exploration and development. The two divested companies will be formally established on October 1, tentatively as SK Batteries Ltd. and SK E&P Ltd. The official names will be announced at the time of establishment.

Information on SK Innovation's official website shows that the proposal to divest the two companies was approved with 80.2% of the votes.

SK Innovation stated that the divestment of the two businesses and the establishment of the new companies would unlock the company's potential in batteries and petroleum exploration and production, as well as lay a solid foundation for the development of these two businesses and enhance the value of SK Innovation.