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Telstra to sell 76.4% stake in CSL for A$2b

Sale to HKT gives Telstra A$600m profit on CSL's book value

Published Fri, Dec 20, 2013 · 10:00 PM
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Singapore

AUSTRALIA's Telstra is selling its stake in Hong Kong mobile operator CSL in a deal that will bring in proceeds of about A$2 billion (S$2.26 billion), it said yesterday.

Telstra will sell its 76.4 per stake in CSL to HKT Ltd, netting itself a profit of about A$600 million on CSL's book value. Even so, this gain comes after previous writedowns on the asset's book value as CSL battled a brutal and competitive market over the last decade.

"Telstra invested in this business in early-2000s for gross investment of around A$4 billion and then gradually wrote it do…

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