Singapore's Consistel is reportedly pulling ahead of MyRepublic in the race to secure funding to make a play to become the market's fourth mobile operator.
Consistel has so far lined up at least S$400 million ($293.8 million) worth of the S$1 billion in funding it plans to raise ahead of a planned spectrum auction in the third quarter, and expects to be able to raise the remainder by the end of the month, the Singapore Business Review reported, citing a Maybank analyst.
Consistel is reportedly considering a range of funding options, including term loans, equity, and potentially vendor financing.
By contrast, MyRepublic had aimed to complete an S$250 million funding round by April, but has so far not reported any progress with this goal.
Consistel is a wireless networking equipment provider specializing in distributed antenna systems (DAS). The company first expressed an interest in becoming Singapore's fourth MNO - through subsidiary OMGtel - in 2014, not long after MyRepublic announced its MNO ambitions.
Regulator IDA plans to hold an auction to select Singapore’s fourth mobile operator in the third quarter, with a reserve price of around S$35 million. A dedicated auction for the potential new market entrants will be held ahead of a general auction open to all takers.