SK Telecom has decided to sell its 3.8 per cent stake in China Unicom (Hong Kong) Limited back to China Unicom for HK$10 billion.

SK Telecom has decided to sell its 3.8 per cent stake in China Unicom (Hong Kong) Limited back to China Unicom for HK$10 billion. SK Telecom will sell its entire 899.75 million shareholding at HK$11.105 each, representing a discount of 1.4 per cent to China Unicom’s closing price of HK$11.26 a share on September 25, 2009. The South Korean operator will use the funds to strengthen its financial base and tap new business opportunities. In 2006, SK Telecom agreed to buy $1 billion worth of convertible bonds in China Unicom and formed a business alliance on CDMA technology to cooperate in the areas of handsets, network infrastructure and value-added services for mobile phones. In 2007, SK Telecom converted the bonds in full at HK$8.63 a share.