As a result of participation in KT privatization, the Company (SKT) acquired 9.55% of KT common shares and additional 1.79% through exchangeable bond (EB) with 1.6 trillion won and 332 billion won respectively.
As we already explained, the purchase of KT’s common share was intended not only to eliminate a lingering share overhang issue but also to prevent one particular company from being a controlling shareholder of KT, which may collapse the neutrality of KT local network and hamper our future business activities going forward. After due consideration of all the benefit and cost which may stem from this action, we came to a conclusion that the potential benefit from the purchase of KT shares would far surpass the seemingly huge cost of it in the long run. As for the EBs, if the Company find appropriate parties who wish to buy them, we will be able to sell the portion with some possible gain.
The required money will be funded by our internal cash and partly short-term borrowings. The acquired securities are scheduled to be delivered to the Company on May 25 of 2002.
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