Published: 2010/05/27
SEOUL: SK Telecom, South Korea’s top mobile carrier, will invest US$100 million in Malaysian wireless broadband firm Packet One (P1) Networks as it seeks overseas expansion in new growth businesses.
SK said in a statement on today it would acquire an about 25 per cent stake in Packet One, a unit of Green Packet Bhd, pending a final contract signing in June.
After seeing little success in its earlier drive to directly enter the mobile business in the United States and China, SK Telecom is shifting focus to business-to-business network services and seeking alliances with Asian operators to tap corporate clients in the region.
Earlier this month the firm agreed to set up a joint venture with Indonesia’s biggest phone company PT Telekomunikasi Indonesia.
P1, which pioneered mobile WiMAX broadband service in Malaysia, had 175,000 subscribers as of end-March, according to SK.
DBS Bank was the exclusive financial advisor to SK Telecom on the deal.
Shares in SK Telecom were up 0.32 per cent versus the broader market’s 0.42 per cent. - Reuters
http://www.btimes.com.my/Current_News/BTIMES/articles/20100527092418/Article/index_html
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