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DACOM was incorporated in March 1982 as Data Communications Corporation of Korea in line with the South Korean government's policy for the development of the data communications industry. DACOM launched its first public service - leased data circuits - in September 1982. In December 1991, DACOM launched its first voice service and in January 1996, the company launched domestic long-distance telephony services, ending KT Corp's monopoly in that area.
The company currently offers a range of data, voice, video, multimedia, and Internet services. The company offers Internet leased-line services for corporate customers under the BORANet brand. This service includes Internet PC rooms and small office home offices (SOHOs). DACOM also offers high-speed Internet services through its optical cable networks under the BORAHOMENet brand name and other services such as international telephony, web and mail hosting, dedicated server hosting, and e-business services.
In April 2004, the LG Group announced plans to restructure its principal telecommunications investments by combining DACOM (fixed-line services) with LG Telecom (mobile communications) and Powercomm (cable network operations) to form a new telecommunications holding company, to be managed in partnership with US private equity company, The Carlyle Group.
As of October 4, 2004, LG Group was the largest shareholder in DACOM, owning a total of 40.1% of the company’s shares (39.8% held by LG Corporation, 0.2% held by LG International Corporation, and 0.1% held by other LG companies). The next-largest shareholder as of October 2004 was Samsung Group, with 3.7% of DACOM’s shares. Other shareholders owned 56.2% of the company’s shares. However, in January 2005, Samsung divested its stake in DACOM, thus increasing the holding of the other shareholders to 59.9%.
Publication Date: February 2005
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