TEO LT Announces $125 Million Investment

By FNE Staff

    Lithuanian telecom company TEO LT has announced plans to invest over LTL 325 million ($125 million) in next-generation services in Lithuania in 2011. TEO LT (www.teo.lt) is the country's largest provider of integrated telecommunication, IT and TV services, with over 100,000 customers, an increase of 65% in the past year.

    The new technology, FTTH Internet, is currently accessible by half the country's population. TEO investments in the FTTH network, which is being expanded in fifty cities of Lithuania, will amount to more than LTL 70 million.

    According to the data released by the FTTH Council Europe, Lithuania is the country which deploys fiber-optic Internet technologies at the fastest rate in Europe. In the middle of 2010, fiber-optic Internet access was used by more than 21 per cent households in the country - almost twice as much as in Sweden, Norway and Slovenia, which, according to the published rating, take positions from 2 to 4.

    Two-thirds of the Company's shares are directly and indirectly owned by TeliaSonera AB (publ), operating in more than 20 countries in Europe and Asia. TEO LT, AB shares are traded on NASDAQ OMX Vilnius Stock Exchange.