Optus Communications Pty Ltd had agreed to provide the New South Wales government with cellular telephone services in a three-year deal that will cut its mobile phone bill by 29% or $4.3m: prior to the agreement Telecom Australia, Telstra Corp’s local unit, held the $115m-a-year telecommunications business; Optus stand to gain $5m a year from the deal and plans to float on the Australian Stock Exchange next year; Mayne Nickless Ltd own a 21.2% stake in the company, BellSouth Corp and Cable & Wireless Plc each own 20.85%, the remaining shareholdings are owned by the Australian Mutual Provident Society, AIDC Ltd, National Mutual and Nine Network Australia Ltd.
