Telstra sale put on hold
( 2001-05-23 11:25) (7)
The Australian government Tuesday formally shelved the full sale of Telstra Corp Ltd until 2003/04 as it implements a 163 million dollar (US$85 million) package to improve telecommunications in rural Australia.
The government confirmed in its annual budget that the timetable for the sale of its remaining 50.1 per cent stake in Telstra would be deferred for at least three more years.
The postponement of the sale of a third tranche of the country's largest telecommunications company saves the government 218 million dollars (US$115 million) in sale costs financial year, with the expense item now appearing in budget forecasts for 2003/04.
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