SK Telecom to conduct spinoff in November, split its stock 5 to 1
SK Telecom, South Korea's top wireless carrier, approved Thursday its plan to spin off a new investment company to expand its foothold in new tech sectors as well as a five-to-one stock split aimed at improving shareholder value.
The wireless carrier's board of directors approved the spinoff plan and the new company, which will oversee SK Telecom's tech subsidiaries and invest in new tech businesses, will be split on Nov. 1, according to a company regulatory filing.
SK Telecom also approved a five-to-one stock split, which will increase the number of its shares to 360,300,715 from 72,060,143.
The wireless carrier had announced the spinoff plan in April in a move to strengthen its tech subsidiaries and increase investment into new sectors, including the semiconductor industry. (Yonhap)