Business Services Industry
SK TELECOM TURNS DOWN CALL TO HELP FALTERING SISTER COMPANY.
AsiaPulse News, June, 2003
SEOUL, June 17 Asia Pulse - SK Telecom (KSE:17670), South Korea's largest mobile carrier, has virtually rejected a call to help bail out SK Global (KSE:01740), casting doubts on the normalization of the troubled sister company as well as the future of its parent SK Group.
In an emergency board meeting Monday night, SK Telecom decided to limit its "cooperation to normal business transactions," saying it is difficult to boost trade with SK Global.
The company also agreed not to accept a demand by SK Global's creditors and SK Corp., the group's virtual holding company, that the telecom giant submit a letter of commitment to helping out the beleaguered trading company.
The board's decision is considered as a rejection of the demands, which analysts say...
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