KTF to buy into Mobile-8 Telecom

Wed, 08 Oct 2003 | Source: AFP

SEOUL: South Korea's second largest wireless operator KTF said on Tuesday it has signed a contract to acquire a 2.9 percent stake in Indonesia's PT Mobile-8 Telecom in return for a US$10 million investment.

With the investment, KTF will become the Indonesian company's preferred partner in its wireless Internet services. KTF has provided consultations on mobile services to PT Mobile-8.

KTF hopes to use its partnership with PT Mobile-8 as a foothold for its overseas businesses.

South Korean mobile carriers are seeking new businesses overseas because of competition in a domestic market saturated with 33 million mobile phone subscribers in a population of 48 million.--AFP

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