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(Japanese Site)

  • Hansol PCS to Sell Shares to Bell Canada Int'l
  • April 8, 1998 (SEOUL) -- Hansol PCS Co., Ltd., one of Korea's three personal communications service (PCS) operators, signed a contract April 6 to sell US$180 million worth of shares to Bell Canada International Inc.
    This investment is the single largest that a Canadian company has made in Korea, a company spokesman said.

    With the investment, Bell Canada will become the second-largest shareholder in Hansol PCS. It will own about 19 percent of the company, following the Hansol Group with 25 percent. Bell Canada is a subsidiary of the BCE Group, Canada's largest telecom company.

    Bell Canada will not participate in the overall management of Hansol PCS. However, the two companies will form a strategic alliance in many areas, including technology, marketing and customer services.

    The two companies will sign a final contract by June, the spokesman added.

    Bell Canada International was established in 1985. It is in charge of investing in wireless communications companies in Central and South America as well as in the Asia-Pacific region.

    The company has made US$1.5 billion in foreign investments in the last three years.

    The BCE Group, a wire and wireless service operator and telecom-equipment maker, had US$28 billion in assets as of 1996.

    In a related event, the Hansol Group closed its planning office as a part of the government's chaebol reform plans. At the same time, the Hansol Group has formed "a restructuring bureau" in its flagship subsidiary, Hansol Paper Manufacturing Co., to speed up its overall reform.

    (Maeil Business Newspaper, Korea)

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    Updated: Tue Apr 7 21:32:13 1998