SK Telecom to Acquire China Unicom Shares

1:30 am on August 22, 2007 | Category: Business, Corporate

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South Korean leading telephone and wireless operator, SK Telecom, announced yesterday that it will soon become the second largest shareholder in China Unicom, by converting $1-billion worth of bonds into shares.

This transaction will give SK Telecom a 6.6% stake in China Unicom, which is China’s second largest cell phone carrier.

“The conversion will mark a turning point for SK Telecom to make a step forward in partnership with China Unicom on top of our existing collaboration in the CDMA area,” commented SK Telecom CEO, Shin Bae-Kim.

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