Australia's Tuas hits record high, soars on telecom euphoria after 5G spectrum buy

Tuas

03/12/2021 01:26

** Telecom firm Tuas Ltd  TUA.AX  rises as much as 11.9% to
its record high of A$2.17
    ** TUA Executive Chairman David Teoh says https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02461981-2A1343445?access_token=83ff96335c2d45a094df02a206a39ff4
 mobile telecom business, TPG Singapore, is performing well and
has turned EBITDA-positive
    ** TPG Singapore was awarded on Monday https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02458834-2A1341925?access_token=83ff96335c2d45a094df02a206a39ff4
 10 MHz of spectrum in 2.1 GHz band for a price of S$31 mln
($22.63 mln)
    ** TUA says its 5G service rollout is planned for 2022
    ** Earlier in the day, Australian media reported Teoh, also
the former chairman of TPG Telecom  TPG.AX , was selling a 3%
stake in TPG for $237 mln  urn:newsml:reuters.com:*:nL4N2SO06X
    ** TUA set to gain 40% over the week - best since Oct. 1
    ** About 428,000 TUA shares change hands, compared with the
30-day average of 346,000 shares
    ** TUA top percentage gainer in the ASX All Ordinaries index
 .AORD 
    ** Stock more than doubled this year, as of last close, vs a
10% increase in the ASX All Ordinaries index 

    ($1 = 1.3697 Singapore dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))