Telstra to buy back shares

3 Oct 2003

Australia’s largest fixed line and mobile operator Telstra has said it will spend between AUD800 million and AUD1 billion buying back its own shares via an off-market tender process. The purchase is expected to see between 1.25% and 1.5% of the company come back under government control, and is being funded by a combination of cash reserves and short-term funding facilities.