[THE INVESTOR] LAS VEGAS -- SK Telecom CEO Park Jung-ho on Jan. 8 expressed determination to create an intermediary financial holding company this year.
“We will carry out the plan (to create the intermediary) without fail this year,” he said during a press conference at the Consumer Electronics Show in Las Vegas.
“SKT will turn into an operating company (after setting up the holding firm) and go public in order to attract investors,” Park explained.
“That scenario would help raise funds to buy more stake in SK Hynix.”
SKT has been preparing to adopt the holding company system through physical divisions of each business unit.
Park plans to have the mobile network business, security, media and commerce as subsidiaries under the ICT unit and expand each subsidiary even further.
If SKT becomes a holding company, it must own at least 30 percent stake in its subsidiaries under the revised fair trade law.
By Song Su-hyun/The Korea Herald (firstname.lastname@example.org)