Confusion as Outcome of Thai 4G Spectrum Auction in Doubt
Published on: 22nd Mar 2016
Note -- this news article is more than a year old.
The top bidder in Thailand's recent radio spectrum auction has missed a deadline to make its initial payment throwing the whole process into doubt.
Jasmine International surprised many when it bid the highest amount, of RM8.7 billion (USD2.1 billion) for one of the two 900Mhz spectrum licenses last December -- sending its shareprice plunging at the price it paid.
With doubts about how the company would afford the license fee swirling, the regulator has now confirmed that it has missed the deadline for its initial payment.
Takorn Tantasit, secretary-general of Thailand's National Broadcasting and Telecommunications Commission confirmed that a new auction now needs to be held as the license has been voided by the non-payment.
He also confirmed that Jasmine would also forfeit the RM72.30 million (US$18 million) deposit that it submitted to bid in the auction.
The regulator is also considering if it can claim compensation from the company.
The country's three top mobile networks, AIS, DTAC and True all saw their shares jump on the news of Jasmine's problems.