*Extensive collaboration expected in AI-powered products and systems••• including possible joint venture & share swap
*MoU will also see Sunway tapping the talent and innovation of PhnyX Lab, the Silicon Valley-based AI research and development arm of SK Networks
*SK Networks, "We'll focus on boosting the Malaysian market and maximizing synergy between the two companies to drive greater corporate value."
SEOUL, South Korea, Oct. 30, 2024 /PRNewswire/ -- SK Networks, a company steering the growth of its subsidiaries and scaling future value through AI-driven innovations, is ramping up its strategic collaboration with Sunway Group, a leading conglomerate in Southeast Asia with core interests in real estate, construction, healthcare, education, leisure and hospitality sectors.
SK Networks is ramping up its strategic collaboration with Sunway Group. Executives from both sides, including SK Networks President & CEO Hojeong Lee(right), President & COO Sunghwan Choi(left) and Sunway Group CEO of Digital and Strategic Investments Evan Cheah pose for a commemorative photo to mark the occasion.
SK Networks (CEO: Hojeong Lee) announced on October 30 that it had inked a Memorandum of Understanding (MoU) with Sunway to establish a wide-ranging partnership encompassing both companies and their subsidiaries.
On October 22, SK Networks, part of SK Group which is among the largest conglomerates in South Korea, hosted senior executives from Sunway, led by Group CEO of Digital and Strategic Investments Evan Cheah, to formalise this collaboration through an MoU signing ceremony at SK Networks' headquarters in the Samil Building, Jongno-gu, Seoul.
SK Networks President & COO Sunghwan Choi(right) and Sunway Group CEO of Digital and Strategic Investments Evan Cheah attended the MoU ceremony between SK Networks and Sunway Group.
Founded in 1974, Sunway today owns and manages three publicly-listed companies on Bursa Malaysia with a combined market capitalisation of more than RM35 billion / USD 8 billion, operating across 13 business divisions in 50 locations worldwide.
Sunway is highly regarded for its unique build-own-operate model, and its flagship Sunway City Kuala Lumpur is Malaysia's first fully integrated, green and sustainable township, which attracts more than 42 million visits a year.
SK Magic, a subsidiary of SK Networks specialising in innovative home appliances, has already established a foothold in the Malaysian market through its existing relationship with Sunway. This MoU will deepen this partnership by identifying key areas to leverage synergies across multiple business sectors and regions where SK Networks and Sunway have a presence.
These initiatives include SK Magic's ongoing development of innovative AI-powered products and the introduction of PhnyX Lab's technology to develop and integrate AI systems within Sunway's ecosystem.
Furthermore, SK Networks and Sunway are pushing for various collaboration models, such as establishment of a joint venture between SK Magic and Sunway, and possible share swap between SK Networks and Sunway.
Sunway Group CEO of Digital and Strategic Investments Evan Cheah said: "Our partnership with an AI-driven organization like SK Networks represents a natural synergy for Sunway's own digital transformation journey."
"As a conglomerate marking our 50th anniversary this year, we will continue to build on our history of embracing technology and innovation to evolve our businesses towards the next 50 years and beyond," Evan added.
SK Networks plans to actively support the process following this agreement between the two companies to ensure that it translates into tangible results. The company aims to facilitate the smooth global expansion and collaboration of its existing businesses while continuing to enhance its value as an AI-driven company.
Hojeong Lee, President & CEO of SK Networks said, "We will establish a working group to develop specific collaboration strategies with Sunway, focusing on AI-related areas. Our objective is to generate visible synergies as we expand our presence in Malaysia. We are dedicated to facilitating seamless operations between our headquarters and subsidiaries while also exploring innovative avenues to identify new business models and nurture external partnerships that can create significant value."