South Korea’s SK Telecom is likely to convert its $1 billion worth of bonds in China Unicom into a 6.6 per cent stake.

South Korea’s SK Telecom is likely to convert its $1 billion worth of bonds in China Unicom into a 6.6 per cent stake. The bonds will be converted into 899.75 million shares of China Unicom, making SK Telecom the second largest shareholder in the Chinese company. The deal, likely to take place in September 2007, will also allow SK Telecom to have a director on China Unicom’s board.