Science Fair Project Encyclopedia
Lattelekom is a former state-owned telecommunications company. In 1994, 49% of the company's stock was sold to two foreign investors: Cable and Wireless and Telecom Finland (now part of TeliaSonera). Cable and Wireless later sold its stake to TeliaSonera which now owns 49% of the company. The remaining 51% of the company still belong to Latvian government. Further privatization is being discussed.
Lattelekom had a monopoly on fixed-line voice communications in Latvia until January 1, 2003. The Latvian fixed telecommunications market is now open to competition but Lattelekom still has an overwhelming share of the market. The company is also one of leading ISPs in Latvia and is one of owners of LMT (Latvijas Mobilais Telefons) , Latvia's largest cell phone operator.
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