Future Fund, Australia’s state wealth fund, has further reduced its holding in Australian incumbent Telstra down to 0.8%, or 100 million shares.
“Completion of the rebalancing meets the board’s long-stated objective of reducing its Telstra holding…
Future Fund, Australia’s state wealth fund, has further reduced its holding in Australian incumbent Telstra down to 0.8%, or 100 million shares.
“Completion of the rebalancing meets the board’s long-stated objective of reducing its Telstra holding in an orderly manner over the medium term.
“As a result of share sales and dividends received, A$9.37bn [US$9.8bn] has been integrated into the broader Future Fund portfolio over the board’s holding period.”
In February 2007, 2.1 billion Telstra shares, equivalent to a 16.8% interest in the company, were transferred by the government into the Future Fund following the sale of the government’s remaining holding in Telstra.
Since 2009, Future Fund has been regularly cutting its investment in the incumbent to “rebalance its portfolio”. Until March 2011, the fund was still the largest shareholder in Telstra.
