Sejong Telecom withdraws from carrier auction, shares fall

Sejong Telecom, participating in the auction for 28 GHz spectrum to boost 5G network on Jan. 25, 2024. [Photo by Yonhap]

Sejong Telecom Inc’s share price plunged on Friday morning as the South Korean mobile carrier dropped out of an auction re-allocating the frequencies from the country’s three existing mobile players the day before.

Sejong Telecom shares plunged to 693 won ($0.51) per share Friday morning, down 23.26 percent from the previous day.

The country’s Ministry of Science and ICT on Thursday revealed that Sejong Telecom withdrew its bid for the frequency as the company’s chief executive was wary of potential impacts of a reckless bid.

The auction is now a two-way battle between Stage X and My Mobile Consortium following the mobile carrier’s exit.