SK Innovation said Friday that two of its subsidiaries, SK Energy and SK Trading International, have acquired a combined 35 percent stake in Best Oil Co., the second-largest oil retailer in Myanmar.
The two companies spent about 150 billion won ($127.7 million) to hold 17.5 percent of BOC’s shares each.
BOC has market share of 17 percent in Myanmar’s oil retail market.
The deal was aimed at securing stable exports and a trading destination, and making inroads into the foreign retail market, said SK Trading International CEO Seo Seok-won.
By Cho Chung-un (firstname.lastname@example.org)