SK Telecom | January 14, 2011 | Press Release
SEOUL, Jan 14, 2011 (Asia Pulse Data Source via COMTEX) —
South Korea’s top mobile carrier SK Telecom Co. said Thursday that it has offloaded its entire 29.3 percent stake in Mongolia’s second-largest mobile carrier to Mongolian shareholders for 25.8 billion won (US$23 million).
The Korean mobile operator locked in a total of 28.3 billion won in profit from its transactions with Mongolia’s Skytel, including a 2.5 billion won dividend it received in the past years, it said.
The company acquired a 20 percent stake in Skytel in exchange for out-of-use telecommunication equipment in 1999. SK Telecom later invested 600 million won to add a 9.3 percent stake in the Mongolian company.
A joint wireless venture set up by SK Telecom and Taihan Electric Wire Co. in 1999, Skytel is no longer owned by Korean companies. Taihan cut its entire stake in the Mongolian carrier last year.
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