SEOUL -(Dow Jones)- SK Telecom Co.'s (SKM) SK Teletech unit has received approval from the Chinese government to set up a handset manufacturing joint venture in China.
A spokesman at SK Teletech said Monday the joint venture will be named SK Mobile China Corp. and begin offering mobile handsets under the SK brand early next year.
The joint venture is aiming for sales of $100 million in 2005 and sales of $600 million by 2007.
The joint venture, set up with capital of $25 million, is 60% owned by SK Teletech, 25% by Tiandi Group Telecom Industry Co. and 15% by Datang Telecom Technology Co. (600198.SH).
SK Teletech is the handset manufacturing unit of SK Telecom, South Korea's largest wireless operator.
Last year, the unit sold a total of 1.8 million mobile handsets.
-By Yun-Hee Kim, Dow Jones Newswires; 822-732-2165; yun-hee.kim@dowjones.com
-Edited by Sarah C. de Mesa
(END) Dow Jones Newswires "
Posted to the site on 27th December 2004
Posted to: www.cellular-news.com/story/11550.php