SK Telecom halts further investment in S-Fone

17 Aug 2009

Dow Jones Newswires reports that South Korean mobile operator SK Telecom is to stop further investment in its Vietnamese joint venture S-Telecom, which operates under the banner S-Fone. ‘Considering the market conditions, we have decided to cease further investment, but would rather effectively operate the business at the current status,’ commented Lauren Kim, spokesperson for SK Telecom, adding that the joint venture currently has around seven million subscribers. The South Korean operator has reportedly invested around USD180 million in S-Telecom since 2001. According to TeleGeography’s GlobalComms database, S-Telecom is a 51/49 joint venture between Saigon Post and Telecommunications (Saigon Postel) and SLD Telecom. Saigon Postel is itself owned by a number of Vietnamese state-run enterprises, while SLD Telecom is majority owned by SK Telecom.