Thai telecoms shares slide after 4G auction on concerns over costs, rivalry

Reuters

BANGKOK (Reuters) - Shares in Thai telecoms firms skidded on Monday after the auction of two 4G spectrum licenses ended at the weekend amid investor concern at high prices and future costs and competition in the sector. The country's largest fully integrated telecoms service provider, True Corp, and broadband operator Jasmine International Pcl were the surprise winners on Saturday of a second auction for two 4G spectrum licenses valued at 151.95 billion baht ($4.2 billion). Jasmine and True Corp stock dropped 16.3 percent and 8.2 percent respectively in early Bangkok trading. Shares of Advanced Info Services and Total Access Communication, which lost out in the bidding battle, dropped 10.3 percent and 14.5 percent, respectively. (Reporting by Viparat Jantraprap; Editing by Amy Sawitta Lefevre and Kenneth Maxwell)