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Technology Stocks : Qualcomm Moderated Thread - please read rules before posting

QCOM 163.32

+2.3%

Nov 21 9:30 AM EST

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To: Ramsey Su who started this subject	6/5/2001 9:31:26 PM
From: foundation	Read Replies (2) of 196720

Korea's SK Telecom to meet market share target By Total Telecom staff 05 June 2001 South Korea's top mobile operator SK Telecom said on Tuesday it would meet the government-set target of reducing its market share to below 50% by the end of June, after revealing that its share had already declined to 50.7% at the end of May. "We expect to achieve the government-set goal without much difficulty," an SK Telecom spokesman told Reuters. The target was set by the government as a condition for its approval of SK's takeover of rival operator Shinsegi Telecom last year. Failure to meet the target could cost SK 1.13 billion won (US$880,000) per day in fines or a reversal of the government's approval of the takeover. SK Telecom said the combined subscriber base of the group had fallen to 13.76 million people at the end of May, representing 50.7% of the domestic mobile market, Reuters reported. To meet its target, SK stopped accepting any new mobile subscriptions from April. The company's competitors have reaped the benefits of SK's temporary halt in customer acquisition. KT Freetel, a mobile subsidiary of state-run operator Korea Telecom, has raised its market share to 34% with 9.26 million subscribers at the end of May, Reuters reported, while LG Telecom, South Korea's smallest mobile firm, accounted for the remaining 15.3% share with 27.2 million customers. SK Telecom has seen its stock decline by almost 18% since February, the news agency reported, as steady foreign selling frustrates its efforts to boost the price through a buy back scheme. The company announced plans in April to buy back around 3.6 million shares by the end of June to prop up the flagging price. A company spokesman told Reuters on Tuesday it has bought around 2.5 million shares so far. Analysts told the news agency that SK's stock was under pressure due to protracted negotiations with NTT DoCoMo for the Japanese operator to buy a stake in the firm. Negotiations have been underway since early last year for DoCoMo to buy an expected 15% holding. The share price has also been affected by a recent hint from South Korea's Information Ministry that it may seek to reduce SK Telecom's market share further this year to create a level playing field for smaller operators, the news agency reported. totaltele.com

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