Park Jung-ho SKT CEO "Cooperation with Amazon Exceeds Expectations... Discussing Shareholder Participation"

Park Jung-ho, CEO of SK Telecom, is presiding over the meeting as the chairperson at the 1st Extraordinary General Meeting of Shareholders on the 12th. Photo by Cha Min-young

[Asia Economy Reporter Cha Min-young] Park Jung-ho, CEO of SK Telecom, revealed on November 12 that discussions are underway regarding the possibility of Amazon participating as a shareholder ahead of the launch of SK Telecom-SK Square scheduled for this November.

After concluding the extraordinary shareholders' meeting at SKT Tower in Jung-gu, Seoul, Park CEO told reporters, "The cooperation between Amazon and SK Telecom is going better than expected, and both parties are quite satisfied with this aspect."

At the shareholders' meeting held that day, the 'Approval of the Spin-off Plan' was passed, and the existing company SK Telecom and the newly established company SK Square will officially launch on December 1. SK Telecom will focus on artificial intelligence (AI) and digital infrastructure based on its existing wired and wireless telecommunications, while the new company will concentrate on ICT investments centered on semiconductors.

Park CEO emphasized, "Both the existing company (SK Telecom) and SK Square will engage in IR (Investor Relations) activities for strategic investments and will participate more actively."

He added, "Although company spin-offs can be controversial, investors are actively supporting us. The first words from shareholders we met during overseas IR were 'Thank you,' which was very touching." He continued, "We appreciate such positive responses and support, and we will work harder to become a better company and contribute to better growth."

However, he refrained from answering questions about SK Square's first investment destination with a smile.

He also avoided mentioning foundry investments, which are considered core in the semiconductor sector. SK Hynix has set a goal to double its foundry production capacity and is currently reviewing strategic measures such as domestic facility expansion and mergers and acquisitions (M&A). Park CEO also serves as vice chairman of SK Hynix.

Park CEO said, "We are discussing semiconductors extensively as well," and added, "After the spin-off progresses a bit, we will hold a meeting similar to a press conference in November to provide more details."

Meanwhile, at the extraordinary shareholders' meeting, a stock split was also approved through amendments to the articles of incorporation. Currently, one common share with a face value of 500 won will be split into five shares with a face value of 100 won each. Along with this, SK Telecom appointed Choi Kyu-nam, head of the Future Business Team at SK SUPEX Council, as an outside director.

This content was produced with the assistance of AI translation services.