KT (CEO Seokchae Lee www.kt.com) held a shareholders meeting in its KT R&D Center in Umyeon-dong on 23rd and reported that it finally approved the separation of satellite business sector.

KT separated its satellite business that had only existed as a business sector so far and plans to establish it as ‘KT SAT (tentative).’ Its capital will be 50 billion Korean won, and KT will own 100% in the business. The CEO of the new company will be the head of KT Corporate Center Ilyoung Kim who has rich experience and competence in the global market.

Based on the key assets of KT’s satellite, KT will expand its business from the existing domestic service to the areas that have high growth potential such as Southeast Asia, Africa, and Middle East, seeking to develop into a global satellite provider. Especially, the satellite service market in the world has been growing by an average of more than 7% every year, giving a bright growth prospect for KT SAT. 

Along with the separation of its satellite business, KT plans to strengthen and establish its real estate and contents companies that it’s working on within this year. KT is to invest in kind part of its real estate assets to kt estate by next month and foster it as a real estate rental, development, and an operation company based on the holding assets. In addition, it aims to strengthen its competitiveness in virtual goods distribution by establishing kt media (tentative), a company specialized in distribution.

KT’s President Seokchae Lee emphasized that “We plan to develop new companies including satellite to be specialized in each of their fields based on responsible management. We will lay a foundation for KT Group’s growth by connecting all the existing communication businesses and non-communication businesses that we are promoting.”