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UPDATE 1-Singapore attracts Australian, local interest in opening up telecoms market

Published 01/09/2016, 10:53 pm
Updated 01/09/2016, 11:00 pm
© Reuters.  UPDATE 1-Singapore attracts Australian, local interest in opening up telecoms market
STAR
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(Adds Australian firm TPG Telecom in lead)

SINGAPORE, Sept 1 (Reuters) - Australia's TPG Telecom TPM.AX and two local firms have submitted expressions of interest to the Singapore telecommunications regulator in an auction of radio airwaves later this year aimed at establishing a fourth mobile operator.

Singapore currently has three network operators - Singapore Telecommunications Ltd STEL.SI , M1 Ltd MONE.SI and StarHub Ltd STAR.SI - and the government has been seeking to increase competition.

Newly formed company airYotta Pte Ltd and fibre broadband services provider MyRepublic are the two local firms who have submitted their interest, the firms said in separate statements on Thursday.

MyRepublic has previously said it is working with investors to raise about S$250 million ($184 million). company did not specify on Thursday how much it has raised, but said it has attracted a new investor, and that existing investors have reinvested.

Singapore plans to auction the radio frequencies in two stages this year. The first for the potential newcomers will be held ahead of a general one for the incumbents and any new player which emerges.

Thursday was the deadline for the newcomers to submit their expressions of interest.

($1 = 1.3632 Singapore dollars)

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