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KT Corp - 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.
KT Corporation (known as Korea Telecom until March 2002) dominates the South Korean telecommunications market. As an integrated telecommunications service pKT Corporation is the leading telecommunications service provider in South Korea and one of the largest and most advanced in Asia. As an integrated telecommunications service provider to both business and residential users, the company's principal services include: local, domestic long-distance, and international long-distance fixed-line telephone services and interconnection services to other telecommunications companies; broadband Internet access service and other Internet-related services; PCS mobile communications services (through KTF); and, various other services, including leased-line and other data communications services, satellite services, and information technology and network services. KT Corp was established in December 1981 to act as the country's sole fixed-line local, domestic and international long-distance telecommunications operator, and established its own mobile telephone network in 1984 (which later became rival SK Telecom). Shares of KT were sold off between 1993 and 2002, culminating in the disposal of the final block of government-owned shares in May 2002. Before December 1991, KT was the sole provider of local, domestic long-distance and international long-distance telephone services in South Korea. The government began to introduce competition in the telecommunications services market in the early-1990s. As a result, including KT, there are currently three local telephone service providers, five domestic long-distance carriers, and numerous international long-distance carriers (including voice resellers) in South Korea. In addition, the government has awarded licences to several new service providers to enhance the competition in other telecommunications business areas such as mobile telephone services and data network services. As of December 31, 2006, the shareholders of KT's common stock were: Employee stock ownership association (6.30%); National Pension Corporation (2.27%); KT Directors, as a group (less than 0.01%); Public (65.85%); and, KT Corp (held in the form of treasury stock) (25.58%). The foreign ownership limit of KT's shares with voting rights is currently 49%. As of December 31, 2006, 47.6% of KT's common shares were owned by foreign investors.
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