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Eesti Telekom - Company Report
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Company Reports are concise reports that provide a review of the company's activities, corporate strategy and recent developments.
Eesti Telekom is Estonia's largest group of telecommunications and IT companies. Eesti Telekom's subsidiary, Elion Ettevotted AS (Elion Enterprises Ltd), maintains the leading position in the Estonian market for fixed-line telephone communications, Internet connections, as well as data communications solutions, and has also entered the IT and digital television reception markets. Eesti Telekom's subsidiary, AS EMT, is Estonia's largest mobile operator, which offers voice services as well as mobile data communications and content services. As a result of an initial public offering (IPO) of shares in early-1999, institutional and private investors purchased 49% of the shares that had previously belonged to the Estonian state. Eesti Telekom became a public company with shares listed on the Tallinn and London Stock Exchanges. After the IPO, Eesti Telekom went through a period of restructuring, in the course of which Sonera Oyj (formerly Telecom Finland), Telia AB, and Baltic Tele AB, exchanged their holding in Eesti Telefon and EMT for a 49% shareholding in Eesti Telekom. Telia and Sonera subsequently merged to form TeliaSonera AB in December 2002. In December 2004, TeliaSonera, through its subsidiary Baltic Tele AB, carried out transactions for the acquisition of Eesti Telekom shares from public investors, as a result of which TeliaSonera's holding in Eesti Telekom increased to 50.00004%. When the holding surpassed 50%, TeliaSonera made a bid for all of the shares of Eesti Telekom, as required by the Estonian Securities Market Act. As of October 9, 2006, the ownership structure of Eesti Telekom was: Baltic Tele (53.7%), Ministry of Finance/State Treasury (27.2%), Deutsche Bank Trust Company (10.0%), Skandinaviska Enskilda Banken AB clients (1.5%), ING Luxembourg SA (1.1%), Danske Bank clients (0.6%), Morgan Stanley Co International Equity clients (0.6%), Bank Austria Creditanstalt AG clients (0.4%), The Northern Trust Company (0.3%), and Clearstream Banking Luxembourg clients (0.3%).
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