久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

Economy

Markets

Industries

Insights

Reports

Events

China 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 China 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 China Unicom.

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

Related readings:  Spanish deal lifts Unicom shares  China Unicom,Telefonica agree on $1 bln shares swap  China Unicom takes a bite of Apple pie  iPhones coming to China after Apple, Unicom deal

SK Telecom initially purchased China 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 China Unicom, adding that it plans to increase its existing business presence in China.