(Bloomberg) Singtel drops as much as 2.6%, most in five months, after TPG Telecom said it won a government spectrum auction and plans to build a mobile network in Australia.
* TPG Telecom plans to build network over three years starting in 2018 that aims to cover ~80% of Australia’s population
* Singtel derived 52.9% of its 3Q revenue from Australia; 47.1% from Singapore: Bloomberg data
* NOTE: Earlier, Telstra Shares Fall as TPG Plans Rival Australian Mobile Network
* Dec. 14, TPG Telecom Wins Bid to Become Singapore’s Fourth Telco
* April 5, TPG Telecom Buys Additional 10MHz of Singapore Spectrum for S$23.8m
* Singapore Telcos Pay More Than Expected in Auction
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