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Industry: Email Alert RSS FeedSKT's business plan hamstrung by European fund.(Global Wireless)
RCR Wireless News, April, 2003
Byline: SUNG-JIN YANG SK Telecom, South Korea's biggest mobile carrier, may face a serious restriction in its bid to expand its business after its sister unit and largest shareholder SK Corp. came under takeover pressure by a European fund. Crest Securities, a unit of Monaco-based fund Sovereign Asset Management, recently bought a 14.99-percent stake in SK Corp., the country's largest oil refiner, prompting rampant speculation about its motives.
Although Sovereign denied rumors that it is interested in taking over SK Corp. in a thinly veiled attempt to control SK Telecom, things are getting complicated for SK Telecom and the SK Group in connection with the Korean telecom regulations. SK Telecom is one of the key units of SK Group, Korea's...
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