Australia’s Telstra shelves InfraCo stake sale plan, shares down

Australia’s Telstra shelved plans on Thursday to sell a stake in its physical infrastructure unit, sending its shares about 2.5% lower, even as the telecom firm forecast higher underlying core earnings after a 14% jump in fiscal 2023 profit.

The country’s largest telecoms firm decided against selling a stake in InfraCo Fixed, saying the unit “plays an important role” in achieving its long-term goals.