-- SK Inc., the holding company of South Korea's SK Group, said Thursday it is selling its entire stake in a U.S. car-sharing company as it seeks to make further inroads into the fast-growing mobility market in Southeast Asia.
SK Inc. will sell its 2.98 percent stake in Turo, a San Francisco-based peer-to-peer vehicle car-sharing company, to an existing shareholder, G Squared, for US$67.5 million, the Seoul-based company said in a release.
The transaction is expected to be completed in the first half of this year. SK had initially invested $35 million in Turo in 2017.
SK Inc. said it plans to bolster investment in car-sharing and other mobility sectors, such as electric vehicle charging and self-driving solutions, in Korea and Southeast Asia.
SK Inc. will focus on its Socar platform in Malaysia, a car-sharing service majority owned by SK, to help expand its foothold in the neighboring markets, including Indonesia that has a huge growth potential given its population of nearly 300 million, it said.
Socar Malaysia currently has the largest market share in the country.
Source: Yonhap News Agency