South Korea’s government has reportedly agreed to lift caps on foreign investment in the telecoms sector, Cellular News reports, although it is understood that all three of the nation’s largest telecoms providers – SK Telecom, KT Corp and LG Uplus – have been excluded from the policy. Under the regulation revision, which has been made as part of a free trade agreement with both the US and European Union (EU), South Korea will now permit foreign investment of up to 100% in telecoms companies, up from the previous cap of 49%. However, alongside the larger telcos not being included in the changes, foreign investors will reportedly be required to set up a locally-owned holding company to handle the investment; such a setup, it has been suggested, could be a way of preventing local companies changing management through the sale of offshore stakes.
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