Telecom Buys Back Stake

Wednesday, 3 November 2004, 1:22 pm
Press Release: Telecom New Zealand

Wed, 3 Nov 2004

Telecom New Zealand Group Buys Back Commonwealth Bank Of Australia’s Stake In TCNZ Australia Pty Limited

The Telecom New Zealand Group has bought back the Commonwealth Bank of Australia’s 5% stake in TCNZ Australia Pty Limited (TCNZA) through its Australian holding company, TCNZ Australia Investments Pty Limited.

At the same time, the Bank’s two representatives on the TCNZA board have resigned.

The Telecom Group paid the same nominal price for the stake as the Bank did when it acquired the stake in August 2000 as part of the telecommunications outsourcing arrangements made between the two groups at that time.

Mark Ratcliffe, Telecom NZ Chief Information Officer and Group General Manager ICT Services, said when the Bank took the stake, it was not uncommon for customers to take an interest in their outsourcing partners to help ensure that both organisations were aligned around contract performance and delivery.

“Four years on, TCNZA has built up a strong relationship with the Commonwealth Bank and has a deep understanding of the Bank’s business.

“In the circumstances, all involved felt it no longer necessary for the Bank to have a stake in TCNZA.”

ENDS

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