- Signs to take over SK telink’s used phone business locally and abroad... to be finalized by July 1st

- Meaningful in that greater social value is put into practice by expanding transaction channels and ensuring a foothold for global growth

- “Efforts will be made to create customer value and social value under the business structure encompassing new and used mobile phones”

SK networks is taking over the used phone business of SK telink to create expanded social value encouraging recycling. SK networks has been a trend setter in creating a transparent and safe used phone distribution culture with Mintit ATM, the first artificial intelligence (AI)-based machine in the country for purchasing used phones without any person-to-person contact. 

SK networks announced on May 29th, 2020 that it signed a used phone business transfer agreement with SK telink to take over SK telink’s entire business including domestic operations and the Vietnam subsidiary at KRW 4.2 billion. This business transfer process is expected to be finalized by July 1st.

An SK networks executive revealed, “This business transfer decision was made taking into account that we can provide more convenient and initiating value as an ICT distributor and amplify social value. Another consideration behind the decision was the possibility of global business expansion.”

With this, SK networks can expand Mintit ATM transaction channels in an operation centered around some 400 franchise markets nationwide. Also, the Vietnamese market made it possible for the company to set up a base to expand the global used phone distribution business through partnership with mobile phone manufacturers and retailers.

SK networks plans to utilize its own ICT distribution and marketing capabilities as well as digital technologies to reinforce the true competitive edge in the ICT business while continuing its efforts to create social value by developing a recycling ecosystem. - End of document.