The Future Fund Board of Guardians has announced that it has ceased to be a substantial shareholder in Telstra with the sale of shares down to a holding of 620.4 million shares or 4.99% of the company.

 

The sell-down, which commenced in September last year, followed the Board’s stated plan to “reduce the portfolio’s holding in Telstra in an orderly manner over the medium term and to build a portfolio consistent with its long term mandate and strategy”.

 

The Future Fund has been reducing its holdings of Telstra since 2009, when it held 16 per cent. Further sales of Telstra shares will not need to be disclosed to the Australian Stock Exchange as the Future Fund is no longer regarded as a substantial shareholder.