SK Telecom to raise stake in China Unicom

South Korea's largest mobile phone operator, SK Telecom, said on Tuesday that it would become the second-largest shareholder in China Unicom by converting US$1 billion in bonds to shares in the company. Once the bond conversion is complete, the Korean company will have a 6.6% stake in Unicom and the right to appoint one director to the board, AFP reported. SK Telecom expressed the hope that the two firms could develop an even stronger strategic partnership, which would allow SK Telecom more access to the China market. It is particularly keen to collaborate with the Chinese company on CDMA technology.