Telecom New Zealand strives to launch $300 million 3G network (New Zealand)
Telecom New Zealand, is in full force to start – off an all new $300 million 3G mobile network after the termination of share buy back and dividend reinvestment plan for it’s share holders.
“Telecom considers it is not prudent to proceed with the issue of shares under its dividend reinvestment plan for the upcoming quarterly dividend, or undertake the associated on-market share buyback of Telecom ordinary shares,” the company said.
Whereas Telecom NZ hasn’t yet released any details of it’s mobile network plans, it is expecting network completion by 2010.
The telco faces competition with it’s sole rival Vodafone, which is planning acceleration in plans for the new network. Therefore, TNZ is eager to deliver nationwide third generation mobile phone coverage before Vodafone.
