South Korea’s SK Networks acquires SK Rent-a-car as a wholly owned subsidiary

The move is aimed at eliminating SK Rent-a-car’s dual-listing issues and strengthening its competitive edge

SK Networks, a subsidiary of South Korean petroleum conglomerate SK Group, engaged in the businesses of energy and information technology distribution as well as car rental, announced that it is bringing in SK Rent-a-car as a wholly owned subsidiary by owning 100% equity in the latter, according to a press release dated August 18.