Business Concentration
SK Telecom (CEO Ha Sung-min) shut down its European office after 12 years in business in order to focus on the Southeast Asian markets such as China and Vietnam.
The company closed SK Telecom Europe, located in London, late last month. Even so, it is still maintaining its two investment companies, i.e., SK MENA Investment in the Netherlands and SK Latin America Investment in Spain.
The European office, even though small in size, used to function as the telecoms operator’s bridgehead for overseas business. The shutdown means that SK Telecom is not going to be engaged in any businesses in Europe for a while. In the meantime, the company has incorporated five medical subsidiaries in China.
SK Telecom is currently running branch firms in the United States, China, Singapore, Vietnam, and the like along with multiple investment companies assumed to be paper companies in the Cayman Islands.