S Korean mobile carrier SK Telecom to split into 2 firms

Seoul: SK Telecom Co, South Korea’s largest mobile carrier, said on Wednesday that it will create a new holding company for its non-mobile subsidiaries to accelerate growth in promising fields and help parent group tighten its grip on its chip-making affiliate, SK hynix Inc.

The telecom operator said that it will conduct a spin-off to form the holding company, which will oversee operations of its non-mobile affiliates and subsidiaries, such as memory chip giant SK hynix Inc., e-commerce firm 11Street Co and ride-hailing company T Map Mobility Co, among others.

The new holding company will also focus on investments in semiconductor-related companies.