­South Korea's SK Telecom has raised US$396 million from the sale of half of its stake in the local steelmaker Posco.

The company sold a 1.43% stake in the company at a slight discount to the Friday closing shareprice. SK Telecom still owns another 1.42% stake in the steelmaker.

The company had indicated last month that it was looking to reduce its holding in the steel firm by the end of the year in order to improve its cash reserves and fund future investments in the mobile network.