TPG set to become mobile operator in Singapore
Cut-price Australian telco TPG has just announced plans to buy spectrum in Singapore, the first step in becoming an international mobile network operator.
In a statement to the stock market on Friday morning TPG revealed it has submitted an expression of interest to qualify for a New Entrant Spectrum Auction being conducted by Singapore’s Infocomm Development Authority.
Shares were trading lower on Friday morning at $12.36, after closing at $12.51 the previous day.
“The auction represents an opportunity to establish innovative and exciting mobile telecommunications products which will support Singapore’s evolving Smart Nation capabilities,” TPG told the market.
“If TPG successfully prequalifies, it will be able to bid for 2 lots of 2x5MHz of 900MHz spectrum and 8 lots of 5MHz of 2.3GHz spectrum. TPG notes the very positive step taken by the IDA to encourage a fourth entrant by making a substantial portion of spectrum available for sale to new entrants only.”
“TPG will not know if it will be successful at the auction until it completes later in the year. As such, TPG does not propose to make any further comments at this time.”
Earlier this year TPG announced it will spend $85 million buying spectrum in Australia, which it can use to sell mobile telephone and internet services.
At the time chief executive David Teoh said: ” Fixed line broadband has to-date been the backbone of our growth but we believe that wireless connectivity will play an increasing role in the future needs of Australian telecommunications consumers. We have made this significant investment to inject ourselves into that future.”
Mr Teoh moved to Australia in 1986 from Malaysia and set up a computer-parts company called Total Peripherals Group [TPG].
More to come….