SK Telecom to Be China Unicom's 2nd Largest Shareholder

South Korea's largest mobile carrier, SK Telecom, will become the second-largest shareholder in China Unicom in a bid to expand its international business.

The board of directors at SK Telecom approved late Monday a proposal to convert its bond holdings

worth one billion US dollars into a 6.6 percent stake in the Chinese company.

The move was intended to reinforce its strategic alliance with its Chinese partner, an official at SK Telecom said.

SK Telecom purchased the convertible bonds last year as part of its global business strategy.