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Telstra contemplates selling HK cellphone operator
Stuart Corner
Thursday, 27 October 2005 16:08
In a letter to the ASX company secretary, Douglas Gration, said: "Telstra is undergoing a strategic review of its operations. This review extends to Hong Kong and options in that market including the feasibility of merging CSL with another operator. This work is preliminary and has not been completed."
The announcement follows the publication of a research note from Goldman Sachs JBWere in which the investment firm said: "We believe there is a reasonable likelihood that Telstra's new management team will divest CSL as it focuses on the domestic Telstra business...We think it would be very positive if Telstra is able to dispose of its CSL business, and redeploy this capital, currently earning close to zero return in Hong Kong, into its high returning domestic business."
Goldman Sachs estimated CSL to be worth about $A750 million. CSL is Hong Kong's second largest cellphone company with around 1.3 million customers.
Goldman Sachs JBWere also suggested that CSL might be merged with Hong Kong's third largest mobile phone operator, New World Mobility, with about 1.2 million subscribers. The combined entity would be the market leader.
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