SKT "Reports of 30% Stake Transfer of 11st to Amazon Are Not True"

"No Issues with Share Transfer in Progress"
Preparing to Launch Direct Purchase Service

[Asia Economy Reporter Cha Min-young] On the 7th, SK Telecom denied reports that it is negotiating a contract to transfer a 30% stake in 11st to Amazon, stating "This is not true."

SK Telecom stated, "We are cooperating to introduce a service that allows direct purchase of Amazon products within 11st. There are no ongoing matters related to the transfer of shares," clarifying the situation.

Earlier, some reports cited an SK Group official saying that SK Telecom would transfer 30% of the total shares of the e-commerce company 11st to Amazon through a new share subscription right. It was also reported that Amazon's stake in 11st could increase to a maximum of 50%, potentially becoming the largest shareholder. Currently, SK Telecom holds an 80.26% stake in 11st, making it the largest shareholder.

SK Telecom began serious discussions on collaboration with Amazon in November last year. At that time, there were expectations of an investment ranging from 50 billion to 300 billion KRW through a redeemable convertible preferred stock (RCPS) method. The two companies are expected to launch an Amazon-linked direct purchase service targeting the domestic direct purchase market worth about 4 trillion KRW between July and September this year.