StageX of 4th Communication Pays First Winning Bid of 43 Billion Won

StageX, selected as the 4th mobile carrier, reportedly paid 43 billion KRW on the 7th to the Ministry of Science and ICT for the first bid amount of the 5th generation mobile communication (5G) 28 GHz frequency.

This amount is 10% of the auction price of 430.1 billion KRW, and with StageX's payment of the first amount, it has launched as the 4th mobile carrier following SK Telecom, KT, and LG Uplus.

The Ministry of Science and ICT stated in a press release on the same day, "StageX has submitted the required documents," and "We will promptly review the appropriateness of the necessary documents and take related measures if needed."

Earlier in January, StageX won the bid for the 5G 28 GHz frequency after a total of 50 rounds of ascending and sealed bids.

[Image source=Yonhap News]

StageX must pay a total of 612.8 billion KRW over five years starting this year. This amount includes the winning bid price of 430.1 billion KRW plus approximately 182.7 billion KRW for building the core network for network sharing (roaming).

The government has ordered StageX to build at least 6,000 5G 28 GHz base stations within three years, and the investment cost is expected to exceed 600 billion KRW over five years.

Accordingly, StageX plans to sequentially raise an additional capital of 200 billion KRW and separately prepare a reserve fund of 200 billion KRW through loans and other means.