Telstra sells last stake in Computershare

Telstra sells last stake in Computershare

Telstra has made a $61 million profit from the sale of its remaining 26.63 million shares in Computershare.

David Moffatt, Telstra's chief financial officer, said the initial business reasons for investing in Computershare had "evolved" and, while the company was considered a good financial investment, it was no longer part of Telstra's strategic direction.

"The sale allows Computershare to focus on the future and to continue to grow in the markets it is targeting. It also frees up capital for Telstra's growth."

Telstra initially invested in Computershare in June 1999.

Computershare began as a computer bureau service to Australian share registrars. It has since diversified into overseas markets (UK, New Zealand as well as now North America) as well as broadened its product range. Computershare now provides a variety of exchange and broker systems in addition to its registry business.

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