Friday, July 31, 2015   

Telstra completes sale of CSL
(05-14 13:41)

Australian telecommunications giant Telstra announced Wednesday it had completed the sale of Hong Kong-based mobile business CSL to HKT Limited, with proceeds for its stake totaling US$1.99 billion.
Telstra revealed in December it planned to offload the operation, saying while revenue was growing strongly and market share was up, dynamics in the Hong Kong market meant it was time to sell.
The sale, which went ahead following regulatory consent from Hong Kong's Office of the Communications Authority, equates to US$1.99 billion for Telstra's 76.4 percent stake.
"As part of the sale HKT also acquired the remaining 23.6 percent shareholding held by New World Development,'' Telstra said in a statement of the Hong Kong-listed firm.
"The transaction is expected to generate a profit on sale for Telstra of approximately A$561 million subject to completion accounts and audit.''
In announcing the sale in December, chief executive David Thodey said Asia remained an important part of Telstra's strategy and the company intended to remain in the region in the long-term.
"The team is focused on refining and enhancing our strategy across Asia and identifying further opportunities to build our capability in the region,'' he said. --AFP
   
Other Business breaking news:
US stocks open lower (07-30 21:46)
OPEC will not cut oil production (07-30 21:13)
US jobless claims rise by 12,000, benefits recipients reach 2.2m (07-30 21:10)
US economy posts 2.3pc growth in second quarter (07-30 20:47)
London bourse signs up BOCI Securities as maiden HK member (07-30 19:23)
Facebook profits fall, mobile ad revenue swells (07-30 19:14)
Russian ruble tumbles further (07-30 18:57)
Games, image sensors power Sony profit (07-30 18:14)
Baidu to buy back US$1b shares (07-30 18:05)
Deutsche chief battles rising costs and prepares review (07-30 17:53)

More breaking news >>

© 2015 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2015, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.