South Korea’s largest mobile operator SK Telecom has sold its entire 29.3% stake in Mongolian cellco Skytel for W25.8bn (US$24m) according to a company statement.
SK explained that the stake would be sold to Skytel’s existing Mongolian shareholders, Sun…
South Korea’s largest mobile operator SK Telecom has sold its entire 29.3% stake in Mongolian cellco Skytel for W25.8bn (US$24m) according to a company statement.
SK explained that the stake would be sold to Skytel’s existing Mongolian shareholders, Sun Clay group and Global Com.
According to reports, this sale is part SK Telecom’s broader strategy to exit unprofitable markets and focus instead on areas with more advanced network technology.
The South Korean cellco first bought a 20% stake in Skytel in 1999, subsequently increasing its holding to 29.3% in 2002 when it ploughed in some W600m (US$540,000) in cash.
According to SK, Skytel, Mongolia’s second largest cellco, was established a joint venture in 1999 between SK Telecom and Taihan Electric Wire.
In a separate statement, SK announced yesterday that it was planning to launch commercially LTE technology services in Seoul in the third quarter of this year.
