4th telco hopefuls to get funding in time for spectrum auction, says UOB KayHian

SINGAPORE (June 28): MyRepublic and OMGtel are both likely to secure the necessary funding to participate in the auction spectrum come September, according to UOB Kay Hian’s analyst Jonathan Koh, who met with the fourth telco hopefuls.

MyRepublic has raised $30 million in April and received term sheets from four serious investors for the equity portion of $150 million. It also added that it will be selecting one of them to be its strategic partner in July, and cautioned that the funds would be raised in a series of tranches over a period of time.

Meanwhile, OMGtel has raised more than $60 million, the minimum required for the auction, which comprises a $35 million reserve price and the performance bond of $25 million. Koh also noted that another two big investors could potentially come on board in July, a large listed local company and an international private equity company, to raise the equity portion of between $300 million to $400 million.

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