SK Telecom converts Unicom bonds to shares

3 Sep 2007

SK Telecom has confirmed it will become the second-largest shareholder in China Unicom by converting USD1 billion worth of bonds into shares. In a statement the Korean cellco said it would swap convertible bonds worth USD1 billion for full shares, making it the second-largest shareholder of China Unicom with a 6.6% holding. ‘The conversion will mark a turning point for SK Telecom to make a step forward in partnership with China Unicom on top of our existing collaboration in the CDMA area,’ said SK Telecom chief executive officer Shin Bae-Kim.

China, China Unicom, SK Telecom (SKT)