KT Corporation (Hangul: 주식회사 케이티), formerly Korea Telecom, is a South Korean telecommunications company. KT is the second-largest wireless carrier in South Korea, with 16.493 million subscribers as of Q4 2017.
The formerly fully-state-owned firm (the government's National Pension Service currently owns 12.19% shares and is the largest shareholder) is South Korea's first telecommunications company and is a major supplier of the local landline and broadband internet market, serving about 90 percent of the country's fixed-line subscribers and 45 percent of high-speed Internet users. After selling its wireless affiliate Korea Mobile Telecom in 1994, KT returned to the wireless market with the creation of PCS carrier KTF in January 1997.
The company's merger with KTF, its wireless subsidiary, in 2009 made it the country's ninth largest chaebol (conglomerate) with nearly 24 trillion won in assets as of 2009.
In January 2011, KT launched unified brand "Olleh" for both fixed-line and cellular broadband services.
Company overview
Founded in 1981 as a public utility, KT played a major role in Korea's development in the information technology hub sector. KT sold its wireless affiliate in 1994, founding another in 1996 and becoming, along with LG Dacom, one of Korea's earliest ISPs. In 2001 KT acquired struggling broadband provider Thrunet, then the largest broadband company in Korea, which paved the way for KT to dominate the broadband market. In 2009, KT merged with its wireless subsidiary KTF, paving the way to the integration of landline and cellular services. Ever since KT introduced the Apple iPhone to South Korea, it has been constantly seeking new business areas, such as media, e-commerce, and global business partnerships. The company has a well-distributed shareholder structure under which the National Pension Service (NPS) is the largest shareholder (6.81% as of December 31, 2012), but NPS holds no managerial rights over the company. Under the current shareholder structure, no controlling shareholder exists.
History and milestones
Before privatization
December 10, 1981: The company becomes incorporated as KTA. 1984: Tenth in the world to develop the electronic switch TDX-1. 1987: Nationwide automated long-distance network completed. 1991: Company renamed Korea Telecom. 1993: Total of approximately 20 million telephone lines installed (only 4.5 million existed in 1982), laying groundwork for the emerging information society. 1995: Mugunghwa Satellite No. 1 launched. 1996: Mugunghwa Satellite No. 2 launched. 1996: PCS and CT-2 license acquired. KT Freetel (wireless carrier) founded. 1997: Status changed from organization which has +50% state funding to one with a state funding of smaller scale (below 50%). October 1, 1997: The new Public Corporation Business Structure Improvement & Privatization Act applied to KT (no longer exempted owing to the change in company status). 1998: Headquarters relocated from Jongno-gu, Seoul, to Bundang-gu, Gyeonggi Province. December 1998: Newly listed on stock exchange. 1999: Mugunghwa Satellite No. 3 launched. June 2000: Managerial rights of Hansol M.com acquired. December 2000: IMT-2000 license acquired. April 2001: Caller ID (CID) service launched.