Former Socar Inc. Chief Executive Officer Lee Jae-woong, the company’s largest shareholder, has launched a tender offer for approximately 170,000 shares.

Industry sources said on Friday that Lee’s venture capital firm SOQRI announced plans to acquire 171,429 common shares (0.52 percent stake) of Socar at 17,500 won per share. The offer runs from Friday until April 2nd, 2025. SOQRI stated that the move aims to raise its stake to 19.72 percent, reinforcing responsible management and enhancing Socar’s competitiveness and corporate value.

The tender offer is viewed as Lee taking a strategic step amid a potential management dispute with Socar’s second-largest shareholder, Lotte Rental Co., which holds a 25.7 percent stake.

SOQRI currently owns 19.20 percent of Socar, and when this is combined with Lee’s personal 9.99 percent stake, CEO Park Jae-uk’s 2.98 percent, and shares held by related parties, Lee’s total influence is estimated at around 45 percent.

Lotte Rental initially acquired an 11.81 percent stake in Socar in March 2022 before its Kospi listing and has since increased its holdings. Industry speculation suggests that Lotte Rental, which changed ownership this week from Lotte Group to private equity firm Affinity Equity Partners, could seek control of Socar and attempt to merge it with its own car-sharing service, G Car.

Lee, well-known as one of South Korea’s first-generation platform entrepreneurs, founded the portal Daum in 1995. He became Socar’s CEO in 2018 but resigned in 2020 after the failed legalization of ride-hailing service Tada.

Socar, Korea’s largest car-sharing company, recorded 2024 revenue of 431.8 billion won ($296.6 million) and an operating loss of 9.8 billion won. Market expectations for improved performance are rising, driven by the resumption of its used car sales business in the fourth quarter of 2024 and stronger profitability in its core operations.

Socar’s stock closed at 14,210 won on Thursday.

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