UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

FOR THE MONTH OF DECEMBER 2020

Commission File Number: 333-04906

 

 

SK Telecom Co., Ltd.

(Translation of registrant’s name into English)

 

 

65, Euljiro, Jung-gu

Seoul 04539, Korea

(Address of principal executive office)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  ☒                  Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submission to furnish a report or other document that the registration foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

 

 

 

Report on Completion of Spin-off

As of December 30, 2020, SK Telecom Co., Ltd. (the “Company”) completed the spin-off of its mobility business (the “Spin-off”) into a newly incorporated company (the “Spin-off Company”).

I. Spin-off Timeline

 

Event				Date
Resolution of the board of directors				October 15, 2020
Record date for determination of shareholders for shareholders’ general meeting of the Company for Spin-off				October 30, 2020
Shareholders’ general meeting of the Company for approval of Spin-off plan				November 26, 2020
Effective date of Spin-off				December 29, 2020
Shareholders’ general meeting of the Company for report of Spin-off and inaugural general meeting of Spin-off Company				December 29, 2020
Registration of Spin-off				December 30, 2020
Others		Notice of record date for shareholder determination		October 16, 2020
		Dispatch of notice of shareholders’ general meeting and public notice of shareholders’ general meeting		November 9, 2020
		Submission period for creditors’ dissent		November 26, 2020 – December 28, 2020

II. Change in Share Ownership of Large Shareholders

Not applicable, as the Spin-off is a simple vertical spin-off.

III. Exercise of Appraisal Rights

Not applicable, as the Spin-off is a simple vertical spin-off.

IV. Matters Relating to Protection of Creditors

On November 26, 2020, the Company published a “Notice regarding Submission of Creditor’s Dissent Regarding Spin-off” on its website (http://www.sktelecom.com) as notice to all creditors. The submission period for creditors’ dissent was from November 26, 2020 to December 28, 2020, and no creditors’ dissent was submitted during such period.

V. Legal Proceedings

As of the date of this report, no legal proceeding relating to the Spin-off that could affect the effectiveness of the Spin-off has been initiated.

IV. Issuance of New Shares

As the Spin-off is a simple vertical spin-off, all of the shares of the Spin-off Company issued at its incorporation were allocated to the Company.

VII. Statement of Financial Position Before and After Spin-off

(Unit: Won)

 

		Before Spin-off				After Spin-off
						Company				Spin-off Company
Assets
I. Current Assets			4,754,971,847,389				4,628,581,352,158				126,647,645,976
Cash and Cash Equivalents			379,054,704,542				257,954,704,542				121,100,000,000
Short-term Financial Instruments			290,873,020,000				290,873,020,000				—
Trade Receivables			1,503,023,481,625				1,498,776,443,178				4,247,038,447
Other Receivables (Current)			469,375,858,146				469,230,620,298				145,237,848
Inventories			5,452,631,071				4,873,631,071				579,000,000
Other Current Assets			2,107,192,152,005				2,106,872,933,069				576,369,681
II. Non-Current Assets			25,983,779,504,345				26,086,009,254,520				59,354,093,201
Long-term Financial Instruments			744,180,567,542				744,180,567,542				—
Other Receivables (Non-current)			248,528,883,025				248,528,883,025				—
Investments in Associates and Subsidiaries			10,800,206,635,150				10,961,460,215,149				—
Long-term Prepaid Expenses			975,081,643,772				975,081,643,772				—
Tangible Assets			8,424,981,869,221				8,396,728,201,665				28,253,667,556
Intangible Assets			3,175,726,673,248				3,146,725,813,110				29,000,860,138
Goodwill			1,306,236,298,549				1,306,236,298,549				—
Other Non-current Assets			308,836,933,838				307,067,631,708				2,099,565,507
Total Assets			30,738,751,351,734				30,714,590,606,678				186,001,739,177
Liabilities
I. Current Liabilities			4,560,493,241,251				4,552,255,807,776				8,494,584,220
Current Portion of Long-term Borrowings			13,686,702,234				13,686,702,234				—
Current Bond Payable			359,740,538,467				359,740,538,467				—
Other Payables			3,149,840,769,268				3,142,141,161,349				7,699,607,919
Current Provisions			56,498,085,389				56,498,085,389				—
Income Tax Liabilities for the Period			118,472,510,808				118,472,510,808				—
Lease Liabilities			210,627,094,385				210,627,094,385				—
Other Current Liabilities			651,627,540,700				651,089,715,144				794,976,301

		Before Spin-off				After Spin-off
						Company				Spin-off Company
II. Non-current Liabilities			8,705,315,779,397				8,689,392,467,816				16,253,574,958
Long-term Borrowings			13,670,609,717				13,670,609,717				—
Non-current Bond Payable			6,458,370,819,160				6,458,370,819,160				—
Defined Benefit Liabilities			63,907,943,709				62,179,144,511				1,728,799,198
Other Payables (Non-current)			1,133,538,398,305				1,133,538,398,305				—
Long-term Lease Liabilities			237,032,654,071				223,011,909,766				14,020,744,305
Deferred Income Tax Liabilities			709,433,253,116				709,763,516,493				—
Other Non-current Liabilities			89,362,101,319				88,858,069,864				504,031,455
Total Liabilities			13,265,809,020,648				13,241,648,275,592				24,748,159,178
Equity
Capital Stock			44,639,473,000				44,639,473,000				5,000,000,000
Other Paid-in Capital			715,721,440,719				715,721,440,719				156,253,579,999
Retained Earnings			16,576,694,220,871				16,576,694,220,871				—
Other Equity			135,887,196,496				135,887,196,496				—
Total Equity			17,472,942,331,086				17,472,942,331,086				161,253,579,999
Total Liabilities and Equity			30,738,751,351,734				30,714,590,606,678				186,001,739,177

 

*	The above statement of financial position was prepared based on the Company’s statement of financial position as of June 30, 2020 and may differ from the actual statement of financial position to be prepared as of the effective date of the Spin-off.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Date: December 30, 2020