KT to Advance Payment of 99.5 Billion KRW to Partners for Lunar New Year Deliveries

[Image source=Yonhap News]

[Asia Economy Reporter Oh Su-yeon] KT Group announced on the 8th that it plans to make early payments of 99.5 billion KRW in delivery payments to small and medium-sized partner companies by the 19th ahead of the Lunar New Year holiday. Six KT affiliates, including KT Commerce, KT Engineering, KT MOS Nambu, Initech, K-Bank, and H&C Network, will also participate in this early payment of delivery payments.

This early payment is expected to ease the financial burden on small and medium-sized partner companies facing increased cash demand before the holiday. KT has continuously made early payments of delivery payments to small and medium-sized partner companies during the Lunar New Year and Chuseok holidays. Last Lunar New Year, KT and its affiliates made early payments totaling 75.6 billion KRW.

In addition, KT supports the cash flow management of partner companies in various ways, such as operating a ‘win-win growth fund’ and making ‘100% cash payments to small and medium-sized enterprises.’

Cho Hoon, Head of KT SCM Strategy Office (Executive Director), said, “We decided to proceed with early payment to reduce the management burden on partner companies during the Lunar New Year holiday,” and added, “KT will make greater efforts for mutual growth to overcome the difficult economic situation together with partner companies.”

Meanwhile, KT will implement the '2023 Lunar New Year Clean KT Campaign' to strengthen ethical management practices. This campaign, which prohibits exchanging gifts with stakeholders such as partner companies, will be conducted for two weeks from the 16th to the 27th.