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皇冠体育app Unicom to buy back 3.8% stake from S Korea SK Telecom

(Xinhua)
Updated: 2009-09-28 17:19

South Korea's leading mobile company, SK Telecom Co, said Monday it will sell its 3.8-percent stake in 皇冠体育app Unicom Ltd back to the Chinese mobile carrier.

According to SK, the sale of shares will be completed in mid-November after gaining approval from independent shareholders of 皇冠体育app Unicom.

The total proceeds from the stake sale are estimated to reach 1.5 trillion won, or $1.26 billion, SK added.

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SK Telecom initially purchased 皇冠体育app Unicom's convertible bonds worth $1 billion in July 2006, which it later converted into stocks.

The company said the sales of the Hong Kong Stock Exchange-listed company was made as part of its broader move to adjust its business portfolio to better reflect changes in overall growth strategy.

With the earnings from the sales, SK Telecom is planning to secure financial soundness and to acquire research and development capability for the sake of its competitiveness.

The company emphasized it will continue to maintain its partnership with 皇冠体育app Unicom, adding that it plans to increase its existing business presence in 皇冠体育app.