[Asia Economy Reporter Eunmo Koo] Park Jung-ho, CEO of SK Telecom, which is undergoing a corporate split after 37 years since its establishment, stated that the biggest expected effect of the split is the strategic reallocation of shareholders through the market, and that various strategic investors such as Amazon can be brought in as shareholders.
On the morning of the 15th, at the 'Rural 5G Shared Usage Plan Announcement' event held at the Kensington Hotel in Yeouido, Seoul, Park emphasized to reporters that the biggest expectation from the corporate split is the strategic reallocation of shareholders. Park explained, “Only shareholders who view the telecommunications business can enter the listed company called SK Telecom,” and added, “However, since the company's portfolio has diversified, we decided to split to create opportunities for various shareholders to participate.”
He further stated that if the shareholder reallocation occurs, strategic investors (SIs) can be attracted. Park said, “The reallocation of shareholders means, for example, companies like Amazon, which collaborate in commerce, could come in as SIs,” and explained, “Through these, the investment specialist company will have opportunities to go global.”
Additionally, he reiterated that the names of the split companies have not yet been decided. Park said, “The names have not been decided yet,” but added, “I am also considering whether the surviving company could keep the name Telecom as is.” Previously, Park, who had revealed preparations for a CI change, personally suggested various name ideas such as 'Hyperconnector', 'T-Square', and 'T-Mo', and has been gathering opinions from employees.
The day before, SK Telecom unveiled a governance restructuring plan centered on a spin-off into the surviving corporation ‘AI & Digital Infrastructure Company’ and the newly established corporation ‘ICT Investment Specialist Company’.
The investment company, which will launch with about 100 employees around the end of this year, will be responsible for expanding new non-telecom businesses such as semiconductors and mobility. Among existing SK Telecom subsidiaries, SK Hynix, 11st, ADT Caps, and T Map Mobility are expected to be placed under it. The surviving company, led by AI and digital infrastructure, will have SK Broadband and others under it and will focus on existing telecommunications and IPTV businesses. New businesses include cloud, data centers, and AI-based subscription services.
Details such as the allocation of subsidiaries and whether to cancel treasury shares will be finalized before June. Subsequently, shareholder meetings are expected in August to September, followed by the split and listing in November.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
