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Gov't raises 5.6 tln won from frequency auctions

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(Globalpost/GlobalPost)

SEOUL, Sept. 4 (Yonhap) -- The government has raised 5.62 trillion won (US$5.11 billion) in revenue since 2001 by selling and allotting frequencies to mobile operators, a report showed on Wednesday.

According to the report compiled by the Ministry of Science, ICT and Future Planning, the country's leader mobile carrier SK Telecom Co. has spent the largest amount of 2.62 trillion won on the purchase of mobile frequencies, followed by KT Corp. with 2.11 trillion won and LG Uplus Corp. with 884 billion won.

Last week, the three mobile carriers secured key bandwidths for a combined 2.43 trillion won that will allow them to expand their faster mobile network services.

KT, the country's second largest mobile carrier, won the right to a key mobile bandwidth for 900 billion won for its use, more than three times the minimum bidding price. SK Telecom also grabbed the right to use another mobile bandwidth for 1.05 trillion won, and LG Uplus bought the right for another bandwidth for 479 billion won.

They are required to pay the amount in installments over the next eight years.

The revenue from frequency auctions is spent on boosting the IT and broadcasting sectors.

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http://www.globalpost.com/dispatch/news/yonhap-news-agency/130903/govt-raises-56-tln-won-frequency-auctions