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KT sells its radio communications unit

It 17:18 January 22, 2021

SEOUL, Jan. 22 (Yonhap) -- KT Corp, major South Korean telecommunications giant, said Friday it has agreed to sell its radio communications business affiliate to local security equipment maker IDIS Ltd.

KT said the company will sell its 44.85 percent stake in KT powertel Co. to IDIS for 40.6 billion won (US$36.7 million). IDIS was selected as the preferred bidder for the sale of KT powertel last week.

The deal will be finalized by the end of March following regulatory approval, according to KT.

KT said the move is part of its efforts to focus on emerging sectors such as artificial intelligence (AI), big data and cloud.

The proceeds from the deal will be used in business projects that can make KT a platform company covering not only IT and telecommunications, but also finance and media, it added.

This image shows the corporate logo of KT Corp. (PHOTO NOT FOR SALE) (Yonhap)

kdon@yna.co.kr
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