Australian telecommunications giant Telstra announced Wednesday ithad completed the sale of Hong Kong-based mobile business CSL to HKT Limited,with proceeds for its stake totalling US$1.99 billion.
Telstra revealed in December it planned to offload the operation, saying whilerevenue was growing strongly and market share was up, dynamics in the Hong Kongmarket meant it was time to sell.The sale, which went ahead following regulatory consent from Hong Kong's Officeof the Communications Authority, equates to US$1.99 billion for Telstra's 76.4percent 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-listedfirm."The transaction is expected to generate a profit on sale for Telstra ofapproximately Aus$561 million (US$527 million) subject to completion accounts andaudit."In announcing the sale in December, chief executive David Thodey said Asiaremained an important part of Telstra's strategy and the company intended toremain in the region in the long-term."The team is focused on refining and enhancing our strategy across Asia andidentifying further opportunities to build our capability in the region," he said.