The Ministry of Information and Communication (MIC) has decided to grant the final approval for the SKT-STI merger after receiving a final opinion from the Information and Communication Policy Deliberation Committee (ICPDC), an advisory body of the MIC.
On January 11, the ICPDC reconvened to finalize the unresolved issues regarding the condition for the SKT-STI merger. The committee drew a conclusion that it is desirable for MIC to give an approval for SKT-STI merger without imposing any conditions on the Company’s market share and any significant restrictions on marketing activities. The committee members agreed that the demanded conditions by SKT’s competitors were unrealistic in practice and also in conflict with fair competition.
Accordingly, the Company has changed the merger date from January 20, 2002 to January 13, 2002. The SKT shares will be delivered to STI shareholders on January 17, 2002.
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