SK Telecom Co. will launch a standalone mobility business entity next month as its plan to spin off the mobility business was approved by its shareholders on Thursday.

The South Korea’s top telco said 99.98 percent of the 81.64 percent of its voting shareholders who participated in its ad hoc shareholders meeting held at the Supex Hall of the company headquarters in central Seoul voted in favor of the spinoff plan.

The new entity dubbed ‘T Map Mobility’ will be launched on Dec. 29.

Shares of SKT closed Thursday at 232,000 won, up 1.31 percent from the previous session.

“We spend more in transportation than any other things except housing and dining, and mobility takes the second-largest part in our lives following mobile,” said Park Jung-ho, SK Telecom CEO, during a presentation. “We will bring new disruption to the mobility industry ecosystem through the new mobility company by reforming the way people and things move based on our ICT.”

Park also introduced “Mobility Life Platform” that the company is developing to encompass all mobility solutions including parking, chauffer service and public transportation as well as a flying car that will connect Seoul and its surrounding area in just 30 minutes. “Mobility will be the fifth core business of SKT, driving future growth.”

The country’s leading mobile carrier that operates the most popular car navigation system T Map announced last month that it would establish a joint venture with U.S. car-sharing platform Uber within the first half of 2021. The American company plans to invest at least $100 million in the JV and $50 million in T Map Mobility.

By Pulse

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