SK Telecom, South Korea’s leading mobile carrier, said Friday that it has completed the sale of its 3.8 percent stake in China Unicom in a move to adjust its business portfolio.

SK Telecom sold about 900 million shares of China Unicom, China’s No. 2 mobile provider, for 1.5 trillion won (US$1.26 billion), the South Korean company said in a regulatory filing.

In July 2006, SK Telecom purchased $1 billion worth of convertible bonds issued by China Unicom listed on the Hong Kong Stock Exchange. SK Telecom converted the bonds into shares in August 2007.

SK Telecom said the proceeds will be used to boost its financial health, launch a fixed-line and mobile convergence business in China and fund research and development projects.

YonhapNewsAgency

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