Singapore Telecommunications has hired financial advisers to review its Australian satellite business, raising the possibility of a sale or public listing of Optus Satellite.

SingTel and its Australian subsidiary, Optus, are restructuring in a flat market for mobile subscriber growth. The strategic review follows Optus' recent announcement of a business transformation program. The company said it wanted to conduct a review to ''optimise value for shareholders''.

The strategic review could mean an outright sale. Credit:Bloomberg

Analysts and bankers say the strategic review could mean an outright sale or a public listing of a unit that offers free-to-air and pay TV, mobile telephony and broadband services to 2 million Australian customers.

Optus Satellite had revenue of $319 million for the financial year to March 31, 2012.