South Korea’s top mobile phone company SK Telecom has reportedly announced that it will spend up to $1 billion on China Unicom bonds, convertible up to 6.7 per cent stake, in early August. The move will enable SK Telecom to get a firm foothold in the world’s largest mobile phone market. The two companies will cooperate on handsets, networks and new services. SK Telecom plans to be Unicom’s sole partner in developing the smaller of the Chinese company’s two networks in the next 18 months.
