Telstra shares have plunged nearly 7 per cent to the lowest in nearly five years after rival, TPG Telecom, said it would spent around $1.9 billion (Ā£1.52 billion) on a building a new 4G mobile phone network after winning a government tender.
TPG told the Australian stock exchange that it successfully bid for 700MHz mobile spectrum at a recent auction conducted by the Australian Communications and Media Authority (ACMA).
TPG said it plans to spend $600 million (Ā£480 million) on rolling out a new 4G mobile network over three years, which will reach around 80 per cent of the population.
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Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
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This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.
