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TELSTRA CONFIRMS FULL OWNERSHIP OF HK'S CSL.
SYDNEY, July 1 Asia Pulse - Telstra Corp Ltd (ASX:TLS) today confirmed it has obtained full ownership of Hong Kong mobile provider CSL Ltd.
In a statement to the Australian Stock Exchange, Telstra said it had made changes to its joint venture arrangements with Pacific Century CyberWorks (PCCW) (SEHK:0008) regarding CSL.
Telstra has paid Pacific Century CyberWorks Ltd $US614 million ($A1.09 billion) to buy the 40 per cent share it doesn't already own in CSL.
The key changes relate to the original 2007 convertible note, Regional Wireless Company (RWC) and the new converting note.
"PCCW has redeemed in full the $US750 million ($A1,340.48 million) 2007 convertible note held by Telstra," the telecommunications giant said.
"Telstra has valued this note on a yield to maturity basis at $US750 million ($A1,340.48 million) and adjusted the value in its accounts accordingly.
"Telstra has used the proceeds to acquire PCCW's 40 per cent interest in RWC and to subscribe for a $US190 million ($A339.59 million) mandatorily converting secured note issued by PCCW."
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Source: HighBeam Research, TELSTRA CONFIRMS FULL OWNERSHIP OF HK'S CSL.