keep this in mind going back to april
Telstra set to sell out of Keycorp: report
Telco giant Telstra Corp is believed to be in advanced talks to sell its 47% stake in electronic payments company Keycorp in a deal worth about $50m.
Telstra is expected to wrap up the deal to sell its stake to a Malaysian company later this week, according to the Australian Financial Review. The Malaysian company is then expected to make a full takeover bid for Keycorp, the newspaper added.
The value of Telstra's stake in Keycorp has dropped to about $51m from $426m.
Telstra bought its stake in Keycorp in 2000 after its wholly-owned subsidiary Telstra cb.fs backed its Eftpos business into Keycorp in a $425.7m, all scrip deal.
In February this year, Keycorp reported a sharp profit turnaround in the first half of 2002/03 and predicted strong cashflows for the second half.
Keycorp indicated a full year net profit as high as $4.1m was possible, as it posted a $1.1m net profit for the six months ended December 31, 2002.
15 April 2003
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