Telstra, Monday announced a capital management program of at least $1.5 billion to commence in the first half of the 2017 financial year. Last weekend, Telstra has agreed to sell the majority of its stake in Chinese online car sale website, Autohome, for US$1.6 billion(AU1.8 bilion). The operator will use this for teh capital managsment plan.
Specific details to be made available at Telstra’s full year results presentation on 11 August 2016, said Telstra.
According to Telstra, it is currently examining various ways to return capital to shareholders with the exact nature, amount and timing dependent upon market conditions and all necessary regulatory approvals.
Andrew Penn, CEO, Telstra
I am pleased that we are able to confirm such a significant capital management program as the result of active management of our investment portfolio. Given our recent announcement of the sale of Autohome shares, we believed it was important to provide the market with further information about how we intend to use those funds.
