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SK Gas to Absorb Petrochemical Subsidiary

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SK Gas (KRX:018670) will absorb its wholly owned petrochemical subsidiary SK Advanced, according to a Wednesday filing with the Korea Exchange.

The merger, scheduled for Nov. 4, will result in SK Gas surviving and SK Advanced being dissolved.

The LPG supplier will carry out the merger without issuing new shares.

The move aims to boost the competitiveness of the group's propane dehydrogenation (PDH) segment and create financial synergies by integrating SK Gas' propane value chain.

Shares of SK Gas fell nearly 2% in Thursday's afternoon trading.

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