South Korea's Ministry of Science and ICT approved three cross-border agreements for low Earth orbit (LEO) satellite communication services, according to a Monday release.
The LEO deals include one between Starlink Korea and SpaceX, and two separate agreements involving Hanwha Systems (KRX:272210) and KT Corporation's (KRX:030200) KT SAT with OneWeb, the release said.
These approvals follow legal requirements under the Telecommunications Business Act, which mandate foreign companies to partner with local telecom carriers to operate in South Korea.
Shares of Hanwha Systems fell nearly 3% at market close on Monday while those of KT Corporation rose nearly 1%.
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