SK Group, Kakao top list of business groups with largest number of affiliates

[Photo by Han Joo-hyung]

South Korea’s SK Group has the largest number of affiliated companies as of this month, followed by platform giant Kakao Corp. and Hanwha Group, data showed Thursday.

According to the Fair Trade Commission, SK Group had 215 affiliates as of November 1, up by 14 from three months ago.

Kakao followed, with 143 affiliates, and Hanwha Group 104 affiliates.

Kakao has been under scrutiny for its aggressive expansion. It managed to reduce the number of affiliates by just one over the three-month period.

A new company specializing in software development and supply joined Kakao as a subsidiary while two affiliated companies engaged in printing and software development were excluded.

The FTC’s data is based on the changes in the number of affiliates reported by big business groups with assets above 5 trillion won ($3.8 billion).

Overall, the number of companies affiliated with large business groups stood at 3,084 as of November 1, up from 3,083 in August 1.

Among the newly added affiliates, 12 were in the transportation sector, encompassing automobiles and railroads.

KG Group expanded its portfolio by acquiring a stake in the electric bus manufacturer KGM Commercial Co., formerly Edison Motors.