State sells USD3 billion Telstra shares

23 Oct 2006

The Australian government has sold AUD4 billion (USD3 billion) of shares in fixed line incumbent Telstra in the first stage of its planed sell-off of a third of its stake in the company. The government allocated half of the total 2.2 billion Telstra shares being offered to the financial community, and Finance Minister Nick Minchin said 1.1 billion shares were sold to brokers and financial planners who applied for the allocation on behalf of their clients. The other 1.1 billion shares will be sold to retail and institutional investors, with the offer open from today until 9 November. The shares are scheduled to make their debut on the Australian Stock Exchange on 20 November.

Australia, Telstra (incl. Belong)