established by an Act of Parliament in August 1946. It inherited facilities and resources from Amalgamated Wireless Australasia Limited (AWA) and Cable & Wireless, and was charged with responsibility for all international telecommunications services into, through and out of Australia. On 1 February 1992, it was merged with Australia's domestic telecommunications carrier, the Australian Telecommunications Corporation Limited ("Telecom"), to create the Australian and Overseas Telecommunications Corporation Limited (AOTC). The new organisation underwent a corporate identity review and was subsequently renamed Telstra Corporation Limited ("Telstra") for international business in 1993 and domestic business in 1995. Privatisation Beginning in 1997 and finalizing in 2011, the federal government began to privatise the corporation. The first three stages were initiated by the Liberal–National Coalition's Howard Government: the first, informally known as "T1" (with shares priced at $3.30), occurred in 1997. "T2" ($7.40) followed in 1999; "T3" ($3.60) in 2006. In T1, the government sold one third of its shares in Telstra for A$14 billion and publicly listed the company on the Australian Stock Exchange. In 1998, a further 16% of Telstra shares were sold to the public, leaving the Australian government with 51% ownership. In 2006, T3 was announced by the government and was the largest of the three public releases, reducing the government's ownership of Telstra to 17%. The 17% remainder of Telstra was placed in Australia's Future Fund, a sovereign wealth fund established mainly to meet future liabilities for payment of superannuation to retired federal public servants. In 2009, the Future Fund sold off another $2.4 billion worth of shares, reducing the government's stake in Telstra to 10.9%. In August 2011, under Labor's Gillard Government, the Future Fund sold its remaining "above market weight" Telstra shares, reducing its holding to 0.8% of the shares, effectively completing Telstra's privatisation. With more than one million shareholders, Telstra is currently the most widely held ASX-listed company. National Broadband Network On 26 November 2008, Telstra submitted a non-complying tender issued by the federal government to build a National Broadband Network, a 12-page letter proposing a $5 billion broadband network covering between 80 and 90 percent of the Australian population in major cities, despite the tender requiring 98 percent coverage. As a result, Telstra was removed from the National Broadband Network RFP process on 15 December 2008. In response, Telstra announced that it would raise speeds on its existing Next G network and HFC "cable" network so