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Magyar 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.
Magyar Telekom (formerly known as Matáv) is the principal provider of telecommunications services in Hungary. It provides a broad range of services including wireline telephony, data transmission, value-added services and, through its business lines, is Hungary's largest mobile carrier and leading Internet service provider (ISP). The company's main overseas activities include majority stakes in MakTel and Telekom Montenegro (which became Crnogorski Telekom in September 2006), the leading providers of fixed-line, mobile and Internet services in Macedonia and Montenegro, respectively. As of June 30, 2006, the key shareholder of Magyar Telekom was MagyarCom Holding GmbH (59.21%), owned by Deutsche Telekom. The remaining 40.79% is publicly traded and includes a 7.54% stake held by JP Morgan Chase Bank. Matáv was established in December 1989 when the Hungarian Post was divided into three separate entities as part of a restructuring process. The company remained state-owned until July 1993, subsequent to which a new Telecommunications Act came into force that classified the telecommunications industry into two categories, Concession services and Public Paging services. This paved the way for the privatisation of Matáv, which started trading on the Budapest and New York stock exchanges simultaneously from November 1997.
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