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Telecom Corporation of New Zealand (TCNZ)
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Company Reports are concise reports that provide a review of the company's activities, corporate strategy and recent developments.
Telecom Corporation of New Zealand, also referred to as Telecom or TCNZ, is the largest telecommunications service provider in New Zealand (by total revenues), offering a comprehensive range of products and services to consumer and business customers. The company provides fixed-line and value-added services for voice and data communications, wireless services for voice and data communications, calling and managed data network services between New Zealand, Australia and the rest of the world, Internet access and online services, IT services, and directories publishing. Telecom's principal Australian subsidiary, AAPT Ltd, offers a variety of fixed-line, data, Internet, pay-TV and mobile services to consumer, business, corporate, Government, and wholesale customer.. Telecom's other major Australian subsidiary, TCNZ Australia Pty Ltd, offers telecommunications and IT services to major Australian corporate organisations. Telecom was established on February 24, 1987 by the New Zealand Government for the purpose of acquiring the telecommunications business of the New Zealand Post Office. This was done as part of a broad range of changes instituted by the New Zealand Government that were designed to place Government-owned trading agencies on an equal footing with private industry. The ordinary shares of Telecom are listed on the NZSX Market and Australian Stock Exchange. Telecom shares are listed on the New York Stock Exchange in the form of American depository shares (ADSs). The New Zealand government holds a single preference share in Telecom (the Kiwi Share) that incorporates special rights and attaches a deed defining certain minimum service obligations upon Telecom. As of September 6, 2006, the largest shareholders in Telecom were Commonwealth Banking Group (8.03%), Brandes Investment Partners LP (6.68%), Mondrian Investment Partners Limited (6.60%), and Morgan Stanley Group (6.16%).
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