SK Group is said to consider selling stake in Malaysian waste firm Cenviro
SK Group is considering selling its minority holding in Cenviro Sdn. in a deal that could value the Malaysian waste management company at about US$300mil, according to people with knowledge of the matter.
The South Korean conglomerate is working with a financial adviser on a potential sale of its 30% stake, the people said, asking not to be identified because the process is private. SK has been in touch with prospective investors, including industry peers and private equity firms, two of the people said.
SK invested in Cenviro in 2022 through SK Ecoplant Co. for an undisclosed sum. Malaysian sovereign wealth fund Khazanah Nasional Bhd. is Cenviro's majority shareholder.
Considerations are ongoing and SK may decide to keep the stake, one of the people said.
Representatives for Cenviro and SK ecoplant declined to comment.
If SK proceeds with a sale, it would be in line with its shift away from the waste management business: South Korean media has reported that it plans to also sell its Renewus and RenewOne units.
SK has been going through a wider restructuring after a lengthy acquisition spree that burdened it with liabilities. The conglomerate is also focusing its attention more on areas such as artificial intelligence and chips. - Bloomberg
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