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The vast majority of SK Telecom's shareholders approved its spinoff between telecom and non-telecom businesses in the latest move to maximize their corporate values.

The spinoff plan got the nod from 99.95% of the attendants at its extraordinary general meeting held on Tuesday.

Under the plan, the country’s largest wireless carrier will be split into two – one for telecom business and the other for non-telecom business which oversees chip and ICT operations.

SK Square, the unit of non-telecom operations, will kick off on November 1 and be listed on the Korea Exchange on November 29. Shares of SK Telecom will be suspended for a month starting October 26 and relisted on the Kospi on November 29 as well.

Shareholders’ full blessing on the reorganization plan shows their high hopes for executives who will join SK Square. SK Telecom's chief executive officer Park Jung-ho will lead SK Square, with Yoon Poong-young, head of Corporate Center 1 at SK Telecom, and Noh Jong-won, executive vice president at SK hynix joining SK Square.

They are key figures who led the acquisition of SK hynix, the most successful deal SK Group has ever made. SK Square is likely to serve as an investment firm of the SK Group, carrying out investments in semiconductor manufacturers. The group is expected to further strengthen its semiconductor business, which has been led by SK hynix.

Huh Seok-joon, head of SK Telecom's private placement group, and Jason Song, head of the strategic investment group, will lead deals related to application market, gaming, contents, security, commerce, and mobility sectors alongside the semiconductor sector. They aim to develop SK Square into an investment firm specializing in information and communications technologies beyond the semiconductors.

SK Square’s parent SK Inc’s success as an investment-oriented holding company also heightens expectations for SK Square. Unlike other holding companies that focus on controlling and managing affiliates, SK Inc is seeking to boost its enterprise value by investing in eco-friendly, biotech, and advanced materials sectors.

Upon the separation, some of the companies belonging to SK Square will likely accelerate their initial public offering (IPO) processes, though they have not been specified yet. SK Square plans to create an organization dedicated to IPOs in early next month. (Reporting by Pil-woo Choi)