InskoB Denies Rumors of Free Telecom Sale
KOSPI-listed company InskoB announced on July 25 that there have been no discussions whatsoever regarding the sale of its affiliate, Free Telecom.
An InskoB representative stated, "There is no reason to sell a profitable core affiliate," and added, "On the contrary, we are currently pursuing further investment and business expansion for Free Telecom."
Following its recent contract with major Canadian telecommunications company Telus, InskoB is preparing to launch the local Canadian telecom service 'FreeT Canada' within July.
Free Telecom is the only domestic budget mobile operator that utilizes the networks of all three major telecom companies in Korea?SKT, KT, and LG Uplus. Among domestic budget mobile operators, excluding large corporations, Free Telecom holds the number one market share. Last year, the company recorded sales of 60.8 billion KRW and an operating profit of 4.2 billion KRW, more than doubling in size over the past five years.
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Meanwhile, on July 23, InskoB signed a strategic business agreement with Iksan City to advance the local gift certificate system based on blockchain technology and to issue regional currency. Going forward, InskoB has designated the stablecoin business, in cooperation with Free Telecom, as a new growth engine.
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