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Press Release
A grand consortium consisting of 676 corporate equity holders has been formed.
SK Telecom Managing Director Kang Yong-soo has been appointed to serve as the new CEO.
Commercial service is scheduled to begin in 2002, prompting the shareholding companies to pool their resources and hasten preparations.
SK IMT has been officially established to lead the implementation of next-generation IMT-2000 mobile services in Korea. The inaugural General Meeting of SK IMT was held on the 21st floor of the SK Head Office Building in Seoul (Chongro-gu, Seolin-dong) on March 5. Attending the meeting were representatives from each of the 676 companies that have an equity stake in SK IMT. Noteworthy among these corporate shareholders are Pohang Iron & Steel (POSCO), Powercomm and Shinsegi Telecom.
At the meeting, the shareholders appointed the first officers to serve in the new company. These appointments included Kang Yong-soo, Seo Jong-ryul and Shin Jong-hwan (all from SK Telecom) as full-time directors, as well as Cho Min-rae (from SK Telecom), Cho Sung-shik (from POSCO) and Bae Bong-gul (from Powercomm) as part-time directors; Choi Jin-mo (formerly from SK Telecom) and Hahm Young-bae (formerly from SK Global) as outside directors and Han Chi-woo (from SK Telecom) as auditor.
Other pending issues discussed and resolved at the meeting were provisions related to company establishment, amendments to the Articles of Incorporation, and compensation for the new directors and auditor.
A Board of Directors meeting was held in conjunction with the General Meeting. At the BOD meeting, Managing Director Kang Young-soo, who has led the team at SK Telecom that is handling the IMT-2000 project, was named the first SK IMT CEO.
SK IMT will set up its offices in the SK Building in Seolin-dong. The new company will initially be capitalized at 1.6 trillion (300 billion in start-up funds and 1.3 trillion in contributions). Capital increases totaling 1.2 trillion are planned over three years, once commercial service has been started.
All the consortium members will pool their strengths so that commercial IMT-2000 service is launched on schedule in 2002. In this connection, newly-appointed CEO Kang Yong-soo said, ?The equity holding partners will work hard together so that our customers receive the best possible service quality.? He added, ?We will establish ties with China and Japan in order to build a solid telecommunications foundation for the Northeast Asian market. Once that has been accomplished, we will promote this business worldwide.?
Corporate registration of SK IMT will be completed on March 9. On March 20, the fund contributions will be paid to the Ministry of Information & Communications, which will then be formally requested to hand over the business license for the new company.
At the meeting, the shareholders appointed the first officers to serve in the new company. These appointments included Kang Yong-soo, Seo Jong-ryul and Shin Jong-hwan (all from SK Telecom) as full-time directors, as well as Cho Min-rae (from SK Telecom), Cho Sung-shik (from POSCO) and Bae Bong-gul (from Powercomm) as part-time directors; Choi Jin-mo (formerly from SK Telecom) and Hahm Young-bae (formerly from SK Global) as outside directors and Han Chi-woo (from SK Telecom) as auditor.
Other pending issues discussed and resolved at the meeting were provisions related to company establishment, amendments to the Articles of Incorporation, and compensation for the new directors and auditor.
A Board of Directors meeting was held in conjunction with the General Meeting. At the BOD meeting, Managing Director Kang Young-soo, who has led the team at SK Telecom that is handling the IMT-2000 project, was named the first SK IMT CEO.
SK IMT will set up its offices in the SK Building in Seolin-dong. The new company will initially be capitalized at 1.6 trillion (300 billion in start-up funds and 1.3 trillion in contributions). Capital increases totaling 1.2 trillion are planned over three years, once commercial service has been started.
All the consortium members will pool their strengths so that commercial IMT-2000 service is launched on schedule in 2002. In this connection, newly-appointed CEO Kang Yong-soo said, ?The equity holding partners will work hard together so that our customers receive the best possible service quality.? He added, ?We will establish ties with China and Japan in order to build a solid telecommunications foundation for the Northeast Asian market. Once that has been accomplished, we will promote this business worldwide.?
Corporate registration of SK IMT will be completed on March 9. On March 20, the fund contributions will be paid to the Ministry of Information & Communications, which will then be formally requested to hand over the business license for the new company.