Acquisition of convertible bonds

22 Jun 2006 07:00

Other Important Business Matters A. Reason for filing : Acquisition of convertible bonds issued by China Unicom Limited (HK) ("China Unicom")B. DetailsSK Telecom Co., Ltd. ("SKT") decided to acquire convertible bonds issued byChina Unicom under the conditions mentioned below:1. Issuer: China Unicom2. Number of shares acquired by SKT in the event all convertible bonds are converted into common shares: 899,745,075 Shares3. SKTs' equity interest in China Unicom after conversion of all convertible bonds: 6.67%4. Total purchase price: Up to US$ 1 billion, or Won 961,700 million (at the exchange rate of US$1.00 = Won 961.70).5. Equity capital: Won 8,257,880 million6. Equity capital ratio: 11.65%7. Purpose of acquisition : To build a foundation for entering the China market through a stronger relationship with China Unicom.8. Proposed acquisition date: July 5, 20069. Others: - SKT is prohibited from transferring the convertible bonds to third parties other than the affiliates of SK Telecom for a period of one year from the issue date. - Convertible bonds have a three-year maturity and put option exercisable two years from issue date. - Exercise period for conversion right : The period commencing on the first anniversary of the issue date until seven days prior to maturity.C. Date of the board of directors' resolution: June 20, 2006. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, theregistrant has duly caused this report to be signed on its behalf by theundersigned, thereunto duly authorized. SK Telecom Co., Ltd. (Registrant) By: /s/ Hyun Jong Song (Signature) Name: Hyun Jong Song Title: Vice President Date: June 21, 2006 ENDSK TELECOM CO LD (GDR)