SK Telecom sells 3.8 pct stake in China Unicom
SEOUL, Nov 07, 2009 (Asia Pulse Data Source via COMTEX) --
Companies: China Unicom Ltd. (CHUFF), SK Telecom Co., Ltd. (SKM)
SK Telecom Co., South Korea's leading mobile carrier, said Friday that it has completed the sale of its 3.8 percent stake in China Unicom Ltd. in a move to adjust its business portfolio.
SK Telecom sold about 900 million shares of China Unicom, China's No. 2 mobile provider, for 1.5 trillion won (US$1.26 billion), the South Korean company said in a regulatory filing.
In July 2006, SK Telecom purchased $1 billion worth of convertible bonds issued by China Unicom listed on the Hong Kong Stock Exchange. SK Telecom converted the bonds into shares in August 2007.
SK Telecom said the proceeds will be used to boost its financial health, launch a fixed-line and mobile convergence business in China and fund research and development projects.
Copyright (C) 2009 Asia Pulse Data Source. All rights reserved
News Provided by COMTEX
Companies: China Unicom Ltd. (CHUFF), SK Telecom Co., Ltd. (SKM)
Related terms: bonds, business, china, research and development, south korea, telecom
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