Qualcomm takes equity in South Korea’s Pantech

Pantech, South Korea’s third largest phone maker, announced that Qualcomm would become a minority shareholder in both Pantech Co. Ltd. and Pantech & Curitel Communications Inc., as a result of the Korean company’s plan to convert its “outstanding debt” into equity for its creditors.

Qualcomm will become a passive investor, holding no more than 15% of Pantech’s common shares, without being part of the company’s management.

According to  Dr. Cha Young Koo, president of Qualcomm Korea, “this conversion will create a stronger platform on which Pantech can continue to build its prior successes in developing unique and innovative products.”

Pantech Sky -doublEye-IM-U490S

(Pantech doublEye, commercialized in Korea under the Sky brand)

To further increase its market share, Pantech plans to launch new phones in Korea, Japan, and the US (through AT&T and Verizon).

Via NewsWire.co.kr

Author: Ilinca Nita

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