KT to sell walkie-talkie subsidiary for 40.6 billion won

KT said on Friday that it will sell its 44.85% stake in KT Powertel to security firm IDIS.

The telco will sell its stakes for 40.6 billion won. The deal will conclude by the end of March.

KT said it will focus its efforts on IT and telecommunication businesses following the sale.

It will focus on growth areas such as finance and media to become a platform company.

KT Powertel posted 62.8 billion won in sales and 4.3 billion won in operating income in 2020. Besides KT, minority share holders own a total of 49.95% stake in the company and Seoul City Gas owns 5.19%.