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Future Fund sells more Telstra shares

Future Fund sells more Telstra shares

Australian government investment fund Future Fund has again sold more shares in Telstra, in a transaction that means the fund is no longer a substantial shareholder.

Future Fund, which invests to cover future commitments for superannuation payments for retired civil servants, now owns just 4.99% Telstra, or 620.4 million shares.

The latest sell-down, which commenced on February 25, averaged less than 15% of the volume of Telstra shares sold over the period, the Fund said. It was done at a price greater than the weighted average price during Telstra's active trading days.

These transactions are listed in a disclosure from Telstra which spans 151 pages, detailing sales ranging from a single share to hundreds of thousands.

Future Fund has had a long-stated goal of reducing its holding in Telstra stock through sales which do not unduly disrupt Telstra's market value.

In September-October, it sold 113.6 million Telstra shares at an average price of $2.66 per share, bringing its holding to 10%.

TLS shares fell 0.37% in Thursday's trading to $2.660.

Future Fund is also responsible for investing the assets of the Education Investment Fund and the Building Australia Fund.

Separately, fund management services company Treasury Group (ASX:TRG) on Thursday announced its managing director will leave the company to become general manager of the Future Fund Management Agency. TRG shares fell 0.43% during the day's trading to $4.680.

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Tags TelstraFuture FundASX:TLS

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