Telecom is thinking about getting out of a joint venture venture in the Cook Islands, in which it has a 60% stake.
No decision has been made yet on whether to proceed, the company said in a statement.
AAP reports Telecom has operated the joint venture with the Cook Islands government since July 1991 and paid $3 million to increase its stake from 40% in July 1997.
The company this month sold its AAPT unit in Australia to TPG Telecom for $A450 million.
Its shares climbed 2.6% to $2.35 on Thursday.