Hyundai Oilbank Co., Ltd., Koramco Energy Plus Reit and Koramco REITs Management & Trust Co., Ltd. agreed to acquire retail sales of petroleum products business from SK Networks Internet Inc. for KRW 1.3 trillion on March 4, 2020. Hyundai Oilbank Co., Ltd., Koramco Energy Plus Reit and Koramco REITs Management will pay KRW 66.8 billion, KRW 965.2 billion and KRW 300.1 billion respectively. Under the terms, SK Networks Internet Inc. received KRW 33.5 billion on March 4, 2020 and the remaining amount of KRW 1298.6 billion on the closing date.

The meeting of shareholders of SK Networks Internet Inc. is scheduled on April 22, 2020. The transaction is expected to close on June 1, 2020. Credit Suisse International acted as a financial advisor to SK Networks Internet Inc.