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KT to spin off satellite unit into separate firm

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Published : 2012-11-23 23:50
Updated : 2012-11-23 23:50

KT Corp. said Friday that it will spin off its satellite business division into a separate firm.

Company officials said the plan was endorsed at a shareholders’ meeting in Seoul on Friday.

The new satellite firm, tentatively named “kt sat,” will start out on Dec. 1 with 50 billion won in capital, the company said. KT will wholly own kt sat, and the present KT Corp. Center chief Kim Il-yung will head the new firm.

Focusing on satellite service business, kt sat reflects KT’s strategy to expand its global satellite business operations overseas, especially to the fast-emerging markets in Southeast Asia, Africa and the Middle East, company officials said.