SKT to split into operating and investment entity
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SK Telecom CEO Park Jung-ho will hold townhall meeting with its employees on Wednesday to brief on the restructuring plan. The company is likely to place telecommunications businesses like SK Broadband under the operating entity and other businesses such as SK hynix, 11st and Tmap Mobility under the investment entity that will serve as an intermediate holding company of the group.
On Wednesday, SK Telecom shares fell 2.17 percent to close at 293,500 won ($262.99).
The governance overhaul came after Park’s announcement at the company’s regular shareholders’ meeting last month that it will change its governance structure to seek various ways to improve corporate value.
If SK Telecom’s investment entity is merged with SK Holdings, SK hynix will be placed directly under the holding company. Once it is no longer subject to such regulations, it could aggressively pursue M&A deals.
SK Telecom also expects the revamp would heighten the value of its subsidiaries such as 11st, Wavve, ADT Caps and Tmap Mobility that the company believes have not been appreciated properly. When the units are revalued after the restructuring, the company would seek initial public offerings (IPOs) to strengthen their competitiveness, according to sources.
The restructuring scheme is subject to approval from the board of directors and shareholders.
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