Telstra 2007 Annual Report Download - page 211

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Telstra Corporation Limited and controlled entities
208
Notes to the Financial Statements (continued)
(f) New incorporations and business combinations
• On 25 August 2006, we established a new entity named Telstra
International Holdings Limited. This entity is the holding company
for the SouFun group of companies.
• On 31 August 2006, we acquired 55% (on an undilut ed basis) of the
issued capital of SouFun Holdings Limited (SouFun) for a total
considerat ion of $337 million including acquisition costs. The
SouFun Group included the following controlled entities:
• SouFun.com (Shenzhen) Ltd;
• SouFun.com (Tianjin) Ltd;
• SouFun.com (Chongqing) Ltd;
• SouFun.com (Guangzhou) Ltd;
• SouFun.com (Shanghai) Ltd;
• SouFun Network Technology (Beijing) Co. Ltd;
• SouFun Media Technology (Beijing) Co. Ltd;
• Beijing SouFun Information Consultancy Co. Ltd;
• China Index Academy Limited;
• Beijing Jia Tian Xia Advertising Co. Ltd;
• Beijing SouFun Internet Information Service Co. Ltd;
• Beijing SouFun Science and Technology Development Co. Ltd;
• Beijing China Index Information Co. Ltd; and
• Shanghai Jia Biao Tang Advertising Co. Ltd.
SouFun is China’s largest online real estate, home furnishings and
home improvements port al.
• On 5 June 2007, our controlled entity KAZ Group Pty Limited
purchased the remaining 40% shareholding in Enhanced
Processing Technologies Pty Ltd to increase its shareholding to
100% for a total consideration of $1 million. Enhanced Processing
Technologies Pty Ltd was previously a jointly controlled entity.
Refer to note 30 for further details.
(g) Other acquisitions
• On 22 June 2007, Telstra acquired an additional 25% ownership
interest in 1300 Australia Pty Ltd for $12 million, taking our overall
ownership interest from 60% to 85%.
(h) Sales and disposals
• On 31 August 2006, our controlled entity KAZ Group Pty Limited
sold its 100% shareholdings in controlled ent ities Australian
Administration Services Pty Ltd (AAS) and Atune Financial
Solutions Pty Ltd for a total considerat ion of $235 million. The sale
of AAS included AAS Superannuation Services Pty Ltd.
• On 28 November 2006, our cont rolled entity Sensis Pty Ltd sold its
61% shareholding in our controlled entity Platefood Limited for a
total considerat ion of $10 million.
Furthermore, subsequent to balance date on 31 July 2007, our
controlled entity KAZ Group Pty Limited sold its 100% shareholding in
KAZ Business Services Pty Ltd, KAZ Software Solut ions Pty Ltd and
Enhanced Processing Technologies Pty Ltd for a net consideration of
$3 million.
29. Investments in controlled entities (continued)