Teoh divests TPG Telecom shares worth an estimated USD235m

6 Dec 2021

In an Australian Securities Exchange (ASX) announcement dated 2 December, Australia’s TPG Telecom announced that David Teoh, a substantial shareholder of the company, had entered into an agreement to sell around 53.1 million ordinary shares in a block trade, an amount equivalent to around 3% of TPG’s issued share capital. The Australian Financial Review estimates the value of the stake at AUD335 million (USD235 million) based on Macquarie’s call for bids for the shares priced from AUD6.30 each – a 4.8% discount to the last close. The billionaire’s decision to sell comes just eight months after he stepped down from TPG’s board and soon after its merger with Vodafone Hutchison Australia. The stake represented nearly one-fifth of Teoh’s shares in the company.

Australia, Vodafone Australia (TPG Telecom Limited)