In light of media speculation surrounding our intentions pertaining to SK Telecom we wish to make the following statement in the interest of ensuring a fully-informed market.
Crest Securities currently owns 19,028,000 shares of SK Corporation ("SKC") representing 14.99% of the common equity. We are cognisant of the fact that any move above this level would trigger a change in the status of SKC to a foreign entity for the purposes of the Telecommunications Business Act. We wish to make it clear that we have no desire to trigger a change in the status of SK Telecom or to otherwise involve ourselves in the management of SK Telecom.
Neither Crest (or any other member of the Sovereign Group) have bought any SKC shares in the market since April 9th, 2003 nor do we currently have any intention of doing so. Our focus is to work with SK Corporation's management to enhance shareholder value through improved corporate governance.
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