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| Optis Chairman Byeon Yang-kyoon, second from right, poses after signing a takeover deal with handset maker Pantech at Solid headquarters in Pangyo, Gyeonggi Province, Friday. Others are: Lee Ju-hyung, Optis CEO, left; Chung Joon, Solid co-CEO, second from left; and Lee Joon-woo, Pantech CEO. / Courtesy of Solid |
By Lee Min-hyung
A consortium, led by local optical manufacturer Optis and telecom device maker Solid, is seeking to grab an opportunity in the upcoming mobile network transition in Indonesia.
"Starting from next year, Indonesia will undergo a transition from its existing 2G mobile service to a fourth-generation (4G) network," said an Optis representative. "We have staked everything on tapping into Indonesia's smartphone market."
The comments came days after the consortium took over Pantech, which was the third-largest handset maker in Korea before filing for court receivership in August last year.
"At the moment, our priority is to dominate the country's smartphone market with Pantech's technology."
The decision was made because chances are slim that Pantech could survive in the domestic market ― dominated by Samsung and Apple. An industry insider said customers can fall victim to Pantech's failure to compete in the domestic market.
"If Pantech revives again and competes with the two giants in the local market, it will help establish a sound industry ecosystem where customers can have more options to choose from," he said.
But the consortium was skeptical about Pantech's possible revival.
"We are not in a position to equally compete with such high-end smartphone makers," said a Solid representative. "That's why we are looking at markets where demand is expected to surge. We will expand step by step only after achieving success in Indonesia."
Aside from the upcoming network transition, he said Indonesia has enough room for growth as an emerging handset market.
"Indonesia is a host country for the 2018 Asian Games where demand for Information and Communications Technologies (ICT) will steeply increase," he said. "We will do our best to meet the demands for the upcoming Asian Games."
Last month, the Optis-led consortium signed an agreement with the cash-strapped handset maker about a takeover. On Thursday, Solid also joined the consortium, pledging to invest in 6 billion won for the acquisition.
"Optis and Solid are expecting to create massive synergy after taking over Pantech," Optis Chairman Byeon Yang-kyoon said Friday, after signing the deal. "The dream of Pantech is the dream of Korea. I will do my best to revive Pantech at any cost."
A detailed revival plan will be finalized in early September at the latest, the consortium said in a press release.
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