Monday, September 28, 2009

China Unicom to buy back stake from SK Telecom

China Unicom (Hong Kong) Ltd (0762.HK) said on Sunday it would buy back a 3.8 percent stake held by SK Telecom Co Ltd (017670.KS), South Korea's biggest mobile carrier, for about HK$10 billion (US$1.29 billion).

Under a conditional, irrevocable offer, SKT will sell its 899.75 million China Unicom shares for HK$11.105 per share, the Chinese mobile carrier said.

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"After the share repurchase, China Unicom will be pleased to maintain the sound cooperation partnership with SKT," China Unicom Chairman Chang Xiaobing said in a statement.

The repurchased shares will be canceled and the total shares of China Unicom will be reduced to about 22.868 billion from 23.768 billion, it said.

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