The Australian government announced Wednesday that it will fully privatize the national telecommunications giant Telstra and sell its stake in the group.
The sale of the government’s 30 billion Australian dollar stake(about 22.8 billion US dollars) has been approved by the ruling coalition MPs and senators.
The offer for sale of the government’s 51.8 percent stake will be presented to the federal parliament for approval in a fortnight, according to Prime Minister John Howard.
He described the sale as an important step in the privatization process launched by his government to improve telecommunication services around the country.
But the timing and nature of the sale will be determined by market circumstances, he said, suggesting the best time could be next year.
“This is a good outcome for all telecommunication users around Australia, particularly, but not only, in rural and regional Australia,” he said.
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Australia's Senate on Wednesday approved the sale of Australia's biggest telecommunications company, clearing the way for the full privatization of the company.
The final result is 37 to 35, with Barnaby Joyce, a key senator of the Nationals party voting in favor of the privatization plan of the telecommunications giant, announced last month by the government.
Australia's biggest opposition the Labor party and minor parties are against the privatization plan, which means the sale of the government's remaining 51.8 percent share worth 30 billion Australian dollars (22.8 billion US dollars).
Australian lawmakers next week will begin debating legislation paving the way for the multibillion dollar privatization of former state-run telecommunications monopoly Telstra Corp., the government said Sunday.
Communications Minister Helen Coonan said lawmakers likely will spend several days haggling over details of the proposal to sell the government's 51.8 percent stake in one of Australia's most profitable companies.
Source: news.moneycentral.msn.com
Australia's government will seek parliamentary approval next month for the unpopular A$30 billion ($23 billion) sale of its stake in Telstra Corp. Ltd. (TLS.AX: Quote, Profile, Research), after earmarking A$3.1 billion to persuade rural politicians to back the plan.
The sale is expected to go ahead next year, although the government has yet to decide on a price or whether to sell its 51.8 percent stake in Australia's biggest telecommunications group in one or more tranches.
The government also agreed on Wednesday to a raft of telecommunications competition regulation reforms, centred on an internal split of Telstra's networks and telephone services arms
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