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Form 6-K SK TELECOM CO LTD For: Jul 22

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July 22, 2022 10:30 AM EDT

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE MONTH OF JULY 2022

Commission File Number: 333-04906

 

 

SK Telecom Co., Ltd.

(Translation of registrant’s name into English)

 

 

65, Euljiro, Jung-gu

Seoul 04539, Korea

(Address of principal executive office)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  ☒                 Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submission to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

 

 

 

Decision on Acquisition and Disposal of Shares

On July 22, 2022, in order to strengthen the strategic alliance with Hana Financial Group Inc. (“HFG”), the board of directors of SK Telecom Co., Ltd. (the “Company”) approved (i) the Company’s proposed acquisition of certain shares of HFG and (ii) the Company’s proposed disposal of certain shares of HanaCard Co., Ltd. (“HanaCard”). Details of these proposed transactions are as follows:

Acquisition of Shares of HFG

 

1. Details of HFG   Company Name    Hana Financial Group Inc.
 

 

Country of Incorporation

   

Republic of Korea

  

Representative

   

Young-joo Ham

 

 

Share Capital (Won)

   

 

1,501,210,310,000

  

 

Relationship to
the Company

   

—  

 

 

Total Number of Shares Issued and Outstanding

   

295,903,476

  

 

Principal
Business

   

Financial services

2. Details of Acquisition  

 

Number of the Shares to be Acquired

   

 

9,129,519

 

 

Aggregate Acquisition Value (Won)

   

 

330,032,113,533

 

 

The Company’s Total Shareholders’ Equity (Won)

   

 

12,335,138,024,232

 

 

Ratio of Aggregate Acquisition Value to the Company’s Total Shareholders’ Equity as of December 31, 2021(%)

   

2.68

 

 

Large-scale Corporation

   

 

Applicable

3. Number of Shares to be Held by the Company and Shareholding Ratio after Acquisition  

 

Number of Shares to be Held

   

 

9,129,519

 

 

Shareholding Ratio(%)

   

 

3.09

4. Method of Acquisition    Specified money trust
5. Purpose of Acquisition    To strengthen the Company’s strategic alliance with HFG
6. Scheduled Acquisition Date    July 28, 2022
7. The Company’s Total Assets (Won) as of December 31, 2021    30,911,276,640,438

-   Ratio of Aggregate Acquisition Value to the Company’s Total Assets(%)

    1.07

8. Date of Resolution by the Board of Directors

    July 22, 2022

-   Attendance of Outside Directors

    Present: 5; Absent: 0

9. Put Options or Other Agreements

    None

10. Other Important Matters Relating to Investment Decision   

-   The share capital of HFG set forth in Item 1 above is on a consolidated basis as of December 31, 2021.

 

-   The Company’s total shareholders’ equity set forth in Item 2 above is on a consolidated basis as of December 31, 2021.

 

-   The number of shares to be acquired and the aggregate acquisition value set forth in Item 2 above and the number of shares to be held and the shareholding ratio set forth in Item 3 above have been calculated by dividing the total value of the specified money trust by the closing price of HFG’s shares on July 22, 2022. As such, their final amounts are subject to change based on factors such as the actual market price of HFG’s shares at the time of acquisition.

  

 

-   The scheduled acquisition date set forth in Item 6 above refers to the date that is one day following the start date of the contract period for the special money trust, which is from July 27, 2022 to January 31, 2024. The actual acquisition date may be subject to change within the contract period.

 

-   The table below sets forth the summary consolidated financial information of HFG as of and for the years ended December 31, 2021, 2020 and 2019, where “revenue” refers to HFG’s operating revenue, which includes interest income, commission income, financial instruments income, foreign exchange income and other operating income.

Summary Consolidated Financial Information of HFG (Unit: in millions of Won)

 

As of and for the

year ended

December 31,

    Total Assets      Total
Liabilities		      Total
Shareholders’
Equity		      Share
Capital		      Revenue      Profit  

2021

      502,445,270        466,945,930        35,499,340        1,501,210        41,677,772        3,581,582  

2020

      460,947,046        429,346,758        31,600,288        1,501,210        48,216,018        2,684,878  

2019

      422,138,926        393,154,152        28,984,773        1,510,210        38,376,969        2,425,622  

Disposal of Shares of HanaCard

 

1. Details of HanaCard   Company Name    HanaCard Co., Ltd.
 

 

Country of Incorporation

   

 

Republic of Korea

  

 

Representative

   

 

Gil-joo Kwon

 

 

Share Capital (Won)

   

 

1,330,077,425,000

  

 

Relationship
to the
Company

   

 

The Company is a major shareholder

 

 

Total Number of Shares Issued and Outstanding

   

 

266,015,485

  

 

Principal
Business

   

 

Credit card business

2. Details of Disposal  

 

Number of the Shares to be Disposed

    39,902,323
 

 

Aggregate Disposal Value (Won)

    330,032,113,533
 

 

The Company’s Total Shareholders’ Equity (Won)

    12,335,138,024,232
 

 

Ratio of Aggregate Disposal Value to the Company’s Total Shareholders’ Equity as of December 31, 2021(%)

    2.68
 

 

Large-scale Corporation

    Applicable
3. Number of Shares to be Held by the Company and Shareholding Ratio after Disposal   Number of Shares to be Held    0
 

 

Shareholding Ratio(%)

   

0

4. Purpose of Disposal    To strengthen the Company’s strategic alliance with HFG
5. Scheduled Disposal Date    July 27, 2022
6. Date of Resolution by the Board of Directors    July 22, 2022

-   Attendance of Outside Directors

    Present: 5; Absent: 0
7. Put Options or Other Agreements    None
8. Other Important Matters Relating to Investment Decision   

-   The share capital of HanaCard set forth in Item 1 above is on a consolidated basis as of December 31, 2021.

 

-   The Company’s total shareholders’ equity set forth in Item 2 above is on a consolidated basis as of December 31, 2021.

 

-   The scheduled disposal date set forth in Item 5 above refers to the closing date under the relevant share purchase agreement.

 

-   The table below sets forth the summary consolidated financial information of HanaCard as of and for the years ended December 31, 2021, 2020 and 2019, where “revenue” refers to HanaCard’s operating revenue, which includes interest income, commission income and other operating income.

Summary Consolidated Financial Information of HanaCard (Unit: in millions of Won)

 

As of and for

the year ended

December 31,

    Total
Assets		      Total
Liabilities		      Total
Shareholders’
Equity		      Share
Capital		      Revenue      Profit  

2021

      9,596,474        7,565,896        2,030,578        1,330,077        1,321,356        250,484  

2020

      8,211,042        6,433,428        1,777,614        1,330,077        1,279,599        154,457  

2019

      8,187,106        6,557,951        1,629,155        1,330,077        1,285,050        56,281  

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

SK TELECOM CO., LTD.
(Registrant)

By: /s/ Hee Jun Chung

(Signature)
Name:   Hee Jun Chung
Title:   Vice President

Date: July 22, 2022


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