SOUTH KOREA: KTF TO TAKE OVER KT ICOM.(Brief Article)

IPR Strategic Business Information Database, December, 2002

Shareholders of KTF, the wireless unit of KT (Korea Telecom), endorsed the merger of its third-generation (3G) unit KT ICOM Saturday. Shareholders of KT ICOM will receive KTF shares when the merger is completed next March. Following the merger, the new KTF will be capitalized at 955.7 billion won.

The companies still need approval from the government. KT ICOM has earmarked 500 billion won for its 3G budget this year and plans to invest a total of 2.5 trillion won in rolling out its 3G network across the nation by 2005. - (World IT Report.com)