Socar Inc. founder Lee Jae-woong has launched a tender offer to acquire additional shares in the South Korean car-sharing company, potentially reinforcing his control as competition with major shareholder Lotte Rental intensifies.
Lee’s venture capital firm SOQRI announced plans to purchase 171,429 common shares, representing a 0.52% stake, at 17,500 won ($12) per share—a 19% premium over Thursday’s closing price. The tender period runs through April 2.
The move comes just days after Lotte Rental, which holds a 25.7% stake in Socar, changed ownership from Lotte Group to private equity firm Affinity Equity Partners. Industry observers suggest Affinity might pursue a merger between Socar and Lotte Rental’s competing car-sharing service, G Car.
SOQRI currently owns 19.2% of Socar, and the new acquisition would increase its holding to 19.72%. When combined with Lee’s personal 9.99% stake and shares held by CEO Park Jae-uk and related parties, Lee’s influence represents approximately 45% of the company.
Lee, a pioneering Korean tech entrepreneur who founded portal site Daum in 1995, served as Socar’s CEO from 2018 to 2020.
Korea’s largest car-sharing company reported 2024 revenue of 431.8 billion won ($296.6 million) with an operating loss of 9.8 billion won. Analysts expect improved performance following the resumption of its used car sales business in late 2024.
