SK Rent-a-Car Decides on Absorption Merger of Parent Company Carina Mobility Services Without Capital Increase

SK Rent-a-Car is simplifying its corporate governance by absorbing and merging its parent company, Carina Mobility Services.

According to the Financial Supervisory Service's Electronic Disclosure System on the 14th, SK Rent-a-Car held a board of directors meeting the previous day and resolved to absorb and merge its parent company, Carina Mobility Services, which holds a 100% stake. The surviving company will be SK Rent-a-Car, and the merged entity, Carina Mobility Services, will be dissolved and cease to exist.

This merger will be carried out as a merger without capital increase, where no new shares are issued. SK Rent-a-Car plans to succeed to the 46,323,542 common shares of SK Rent-a-Car previously owned by the merged entity, acquire them as treasury shares, and then distribute them to the shareholders of the disappearing company at a ratio of 1 to 65.0602407. As it is a merger without capital increase, there will be no change in SK Rent-a-Car's capital following the merger, and no procedures for submitting a securities registration statement or exercising appraisal rights will be conducted.

SK Rent-a-Car stated that the purpose of the merger is to improve management efficiency and enhance corporate value by simplifying its corporate governance. The company plans to complete the merger on September 29 after receiving approval at the general shareholders' meeting on August 28, and proceed with the registration on September 30.