AMP Capital takes advantage of strong Telecom price to trim holding

Fri, 13 Jul 2012

July 13 (BusinessDesk) - AMP Capital Investors (New Zealand) has sold down its stake in Telecom to below 5 percent, taking advantage of a stock price trading around its highest levels in four years. The Wellington-based fund manager, one of New Zealand’s largest, sold 18.9 million shares of Telecom between April 1 and July 7, reducing its stake to about 4.9 percent from 5.7 percent. Shares of Telecom, which spun off its Chorus network company in November, fell 0.9 percent to $2.56 and have climbed 22 percent this year. They traded as high as...

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