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Compañía de Telecomunicaciones de Chile SA (Telefónica CTC Chile) provides a range of telecommunication services throughout Chile as the country’s incumbent operator, including local service and domestic and long-distance services, paging, and trunking services, and other services provided to carriers.
Telefónica CTC Chile was incorporated in November 1930, and in a move towards re-privatisation in 1988, Bond Corporación Chile SA acquired 30% of the company and subsequently increased its holding to marginally over 53%. Privatisation was completed in 1990, when Telefónica Internacional SA (TISA) acquired Bond Chile's stake indirectly for US$392 million. Bond Chile subsequently became Telefónica Internacional Chile SA (Telefónica Chile), which is 99.9%-owned by Telefónica Chile Holding BV. In turn, Telefónica SA wholly owns the holding company, indirectly via TISA.
At the end of September 2004, Telefónica CTC Chile was owned by Telefónica Chile (44.9%), pension funds and insurance companies (27.2%), ADRs (12.4%), foreign funds (1.2%), and others (14.3%). Telefónica CTC Chile amended its by-laws to protect the rights of Chilean pension funds to invest in the company. No single shareholder is allowed to own more than 45% of Telefónica CTC Chile's capital stock. The company is regulated by the Chilean Superintendency of Securities and Insurance (SVS) and the Chilean Subsecretary of Telecommunications (Subtel).
In 2004, Telefónica CTC Chile agreed to sell its mobile phone subsidiary, Telefónica Movil Chile to Telefónica Moviles SA, a subsidiary of Telefónica SA.
