SK Telecom has $2.2 billion prepared for growth
By Dusan Belic on Wednesday, April 15th, 2009 at 4:20 AM PST In SK Telecom
SK Telecom (NYSE: SKM) prepared $2.2 billion for growth over the next 5 years. Aside from the “basic” idea to develop new technology and services, the South Korea-based operator may also opt for some acquisitions and other ventures outside its domestic market. Let’s face it, South Korean market is almost fully saturated, with 95% of the population owning a mobile phone and 92% of households having broadband access.
The main competitor to SK Telecom and its affiliate SK Broadband is KT Corp, the country’s biggest fixed-line and broadband provider and its mobile unit KTF, as well as telecom units of LG Group.
We’ve recently reported that Nokia (NYSE: NOK) is re-entering the Korean market and it seems SK Telecom also wants a piece of the action. KTF may started the wave, but I’m sure the Finnish giant doesn’t have any problems dealing with multiple carriers.
As for the foreign investments, China always sounds like a good idea, and the company has already a small stake in China Unicom and has also invested in mobile content and other businesses in the world’s still fastest growing economy. Further expansion to China is definitely on SK Telecom executives’ agenda…
[Via: Reuters]
