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SK IMT formally inaugurated
Posted: 05-Mar-2001 [Source: Korea Herald]

[676 companies join Korean W-CDMA consortium.]

"SK IMT, a SK Telecom (SKT)-led consortium which obtained a license to provide IMT-2000 services based on W-CDMA (wide code division multiple access) technology, was formally inaugurated yesterday.

"SKT hosted the inaugural meeting of SK IMT, with 676 investor companies such as Pohang Iron & Steel Co., Powercomm and Shinsegi Telecom attending, at its headquarters in central Seoul.

"At the meeting, Kang Yong-soo, executive director of SKT in charge of the company's IMT-2000 project, was appointed the new company's president.

"Headquartered inside SKT's building, SK IMT is capitalized at 1.6 trillion won including 300 billion won in paid-in capital and 1.3 trillion won to be donated to the government in return for a frequency.

"The company plans to increase its capital by 1 to 2 trillion won over the three years before its launch of full-scale 3G services.

"SK IMT will do its best to provide a quality service to subscribers by joining forces with our investor companies," said President Kang upon taking office. "The company will also make efforts to lay a firm foundation for the telecommunications business in the Northeast Asian markets through alliances with China and Japan, and push for global services based on this," he said.

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