SK Group re-invests in Micro Holdings

Thursday, 25 October 2018 00:00 - - {{hitsCtrl.values.hits}}

SK Group is the market leader in chemical, petroleum, and energy industries and also Korea’s largest wireless service provider.

Through the years the company has fostered a policy of planned growth which has resulted in diversification into civil engineering/construction, shipping, trading, semi-conductors, EV batteries, rent-a-car and hospitality along with its own hotel chain Walkerhill as well as top-notch international brands such as Tommy Hilfiger and DKNY.

Providing economic and social opportunities and benefits that result in positive multiple effects such as better accessibility to markets, employment opportunities and infrastructure developments and also to the increased demand in the automobile industry in Sri Lanka, SK Group identifies the potential in the economic growth in Sri Lanka.

While SK Group initially invested in Micro Holdings in April 2017, it has decided to enhance its investment in the company after taking in to consideration the greater potential Micro Group has in the automotive and real-estate industries of Sri Lanka.

Micro has done significantly well in the market after being the exclusive franchise for the prestigious MG brand in early 2018. And within just a few months the MG ZS SUV became the best-selling SUV in the market.

Micro Holdings and its efforts to revolutionise the local automobile and transport industry have brought the attention of SK Group to invest in Micro Holdings with the focus to strengthening its market position and to support its future endeavours.SK Group, being one of the largest EV battery manufactures in the world, plans to bring in new technology to Sri Lanka through Micro Cars and diversify its automobile product portfolio focusing on e-mobility which is the future of the automobile/transport industry.

Micro Cars Ltd. is the pioneer in the local automobile assembly industry with over 20 years of experience. The company had faced many market adversities and challenges over the years. Today, it provides employment opportunities to over 900 employees while bringing the latest technology and pride to the nation.

This strategic partnership will provide immense opportunity for both Micro and SK in Sri Lanka as well as in the Asian region.