keep this in mind going back to aprilTelstra set to sell out of...

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