SK D&D surged to the upper price limit in early trading, driven by expectations of a restructuring of the largest shareholder's ownership.

According to the Korea Exchange on the 6th, SK D&D traded at 5,940 won during the morning session, up 1,365 won (29.84%) from the previous trading day, hitting the daily price limit. The concentration of buying orders is interpreted as investor sentiment being stimulated by the largest shareholder's increased stake and the possibility of future business restructuring.

According to the major management matters related to investment decisions disclosed by SK D&D, SK Discovery signed a contract to transfer 5,821,751 shares of SK D&D common stock it holds to H&Co Development Holdings. The shares represent approximately 31.27% of SK D&D's total common stock. The total transfer price amounts to 74,227,325,250 won, with a per-share sale price of 12,750 won.

The transferor is SK Discovery, and the transferee is H&Co Development Holdings, a special purpose company of the private equity firm H&Co. The initial contract was signed on September 30, 2025, and the two parties plan to complete the transaction on the 12th in accordance with the stock purchase agreement termination summary. The structure is such that the payment of the sale price and the account transfer of the target shares will occur simultaneously on the transaction closing date.

H&Co Development Holdings previously acquired 2,796,185 SK D&D shares through a tender offer, becoming the largest shareholder in October 2025. Once this transaction is completed, the combined holdings of its existing stake and the shares transferred from SK Discovery are expected to reach a total of 14,649,420 shares, raising its ownership to approximately 78.69%.

Accordingly, this transaction is interpreted not as the initial emergence of a new largest shareholder, but rather as a process through which H&Co further strengthens its control over SK D&D. H&Co previously conducted a tender offer with the goal of voluntarily delisting SK D&D but failed to secure the targeted stake.

However, since this surge to the upper limit reflects expectations regarding the largest shareholder's increased stake and the possibility of business normalization following capital reinforcement, it is necessary to also consider the potential increase in new shares from a rights offering and the possible dilution of existing shareholders' equity value. For the stock transfer transaction as well, it remains necessary to confirm whether the scheduled closing procedures are actually completed.

[※ This article is an informational piece written based on corporate disclosures and publicly available intraday market prices, and does not recommend the purchase or sale of any specific stock. Intraday stock prices may fluctuate depending on trading conditions. This article was written with AI assistance.]