Telstra has completed the sale of a 47.4 per cent stake in Chinese car website Autohome, giving it funds for a $A1.5 billion capital management program.
Ping An Insurance Group paid $US1.6 billion ($A2.1 billion) for the stake, with Telstra pocketing about $A1.8 billion from the sale once adjustments including foreign exchange rates are made.
"Autohome has been an excellent investment for Telstra and we are pleased to have realised significant value for Telstra shareholders," said Telstra chief executive Andrew Penn, who added the capital management program will be announced in August when the company reveals its full-year results.
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