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SK Telecom to tap China''s telematics market
Updated:2008/2/18 11:08
Korea¨s top mobile phone carrier SK Telecom Co. said Sunday (Feb. 17) it has bought a Chinese Global Positioning System (GPS) service provider in order to tap the Chinese telematics market.
SK Telecom said it bought a controlling 65.5-percent stake in Shenzhen E-eye High Tech Co. for 13.9 billion won ($14.7 million), putting it under its holding company in China, SK Telecom China Holding Co. "The purchase has opened the way for SK telecom to advance into the Chinese market with its telematics technology and know-how," said Lee Suk-hwan, president of SK Telecom China Holding. Telematics refers to the use of GPS technology integrated with computers and mobile communications technology in automotive navigation systems. SK Telecom said China¨s telematics market has been growing at a fast pace thanks to China¨s policy to require government-owned and special vehicles to be equipped with a GPS device ahead of this year¨s Beijing Olympics. Shenzhen E-eye High Tech is a company, which manufactures GPS terminals and provides software platforms for logistics, it said. SK Telecom said it will seek to sell GPS plantforms to large companies in China, set up a nationwide distribution network, and provide GPS and traffic information services. Source:korea.net ，SK Telecom Posts Unexpected First-Quarter Profit Drop (2009-4-30) ，SK Telecom has $2.2 billion prepared for growth (2009-4-16) ，SK Telecom looks to grow abroad (2009-4-10) ，SK Telecom "able to spend $2.2 bln to find new business" (2009-4-9) |
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