SK to Convert CBs in China Unicom Into Shares

SK Telecom Co., South Korea's top mobile carrier, said Tuesday that it has decided to convert its holdings of convertible bonds (CBs) in China Unicom Ltd. into shares to accelerate its advance into China's mobile market.

The CBs worth $1 billion, purchased last year from the second-largest mobile operator in China, will be converted into 899 million China Unicom shares on Sept. 4, SK Telecom said in a regulatory filing.

With the conversion, SK Telecom said it would hold a 6.61 percent stake in China Unicom.