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SK Telecom - Company Report
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Company Reports are concise reports that provide a review of the company's activities, corporate strategy and recent developments.
SK Telecom is South Korea's leading wireless communications service operator with an approximate 50.4% share of the market based on subscribers as of December 31, 2006. The company is a member of the SK Group, a diversified group of companies incorporated in Korea with interests in, among other things, telecommunications, trading, energy, chemicals, engineering and leisure industries. SK Telecom offers cellular voice services, wireless data services, and digital convergence and new businesses in South Korea. In addition, the company actively participates in various overseas markets, including the US, China, Mongolia, and Vietnam. SK Telecom was established in 1984 as Korea Mobile Telecommunications Services Co. In 1988, it launched analogue cellular services and became known as Korea Mobile Telecommunications Corp (KMT). In 1996, KMT launched its nationwide code division multiple access (CDMA) network, following which it became known as SK Telecom. In January 2002, SK Telecom completed its merger with a rival wireless operator, Shinsegi. It upgraded its nationwide CDMA network to CDMA2000 1xRTT and CDMA2000 1xEV-DO technology, and launched a W-CDMA network in Seoul in December 2003. The company completed the nationwide build-out of an HSDPA-capable WCDMA network in March 2007. In March 2004, the Ministry of Communications (MIC) awarded SK Telecom a licence to provide satellite digital multimedia broadcasting services, or DMB, a service which allows broadcasting of multimedia content by satellite to various mobile devices including satellite DMB handsets. In October 2004, SK Telecom granted the rights to its satellite, satellite orbit, and frequency to TU Media Corp, one of its affiliates, which received a licence from the MIC as a satellite DMB provider in December 2004. On May 1, 2005, TU Media began to provide satellite DMB services. SK Telecom is also licensed to provide wireless broadband, or WiBro, services. SK Telecom's shares are listed on the KRX Stock Market and its ADSs are traded on the New York Stock Exchange. As of December 31, 2006, 52.50% of SK Telecom's issued shares were held by domestic shareholders and the remainder were held by foreign shareholders. Domestic shareholders included: SK Group (23.09%, including SK Corporation (21.75%) and SK Networks (1.34%)); POSCO (2.88%); SK Telecom Employees (0.24%); Treasury shares (10.50%); Other domestic shareholders (15.77%).
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