SYDNEY, (AFP) - Australian telecoms giant Telstra Corp. Ltd. said it had completed a share buyback worth 750 million dollars (577 million US) at a price of 4.05 dollars a share.
Telstra said in a statement that the buyback of 185.28 million shares represented three percent of that proportion of its issued share capital that is not owned by the Australian government, or around 1.5 percent of the total.
The telecommunications group remains 50.1 percent owned by the government after two rounds of partial privatisation.
Telstra said the buyback price was the lowest in the tender range and was determined by the overall level of shareholder support, although tenders above 400 shares would be scaled back by 11.3 percent.
The price included a dividend of 2.55 Australian dollars and a capital component of 1.50 dollars a share.
Telstra shares were four cents up in early trading after the buyback was announced and were trading at around 4.75 dollars.
The conservative government plans to complete the full sale of the telecoms giant within the current three-year parliamentary term after last month's election handed it full control of both houses of parliament.
11/15/2004 - 07:26 GMT - AFP