Telstra to sell SouFun stake in IPO
- 03 September, 2010 12:31
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Telstra Corporation Ltd says it will sell its 50.5 per cent share in SouFun Holdings when the Chinese real estate website has an initial public offering (IPO) later this year.
SouFun filed a registration statement for an IPO of American Depositary Shares (ADS) representing the Class A ordinary shares of the real estate company, Telstra said.
The initial share offer is scheduled to be completed by September 30, 2010.
An indicative price range per ADS of $US40.50 to $US42.50 would value 100 per cent of SouFun at around $US810 to US$850 million ($A889.33 to $933.25 million).
Telstra bought its stake in SouFun for $US254 million ($A278.88 million) in 2006.
The telco said currency movements would affect any accounting profit or loss from the sale in SouFun.
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