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econet.hu sets up unit to bid at expected 450 MHz tender

Hungarian media group econet.hu has set up a unit, Phonon 450, as it plans to bid at a planned 450 MHz mobile frequency tender, the company announed on the website of the Budapest Stock Exchange on Thursday.

Phonon 450, 95% held by econet.hu and 5% by 100%-owned econet.hu unit EST Media Group and having HUF 5 million registered capital, will bid at the tender. Econet.hu said Phonon 450 will be headed by Peter Neumann as CEO who has been an active participant of the tender for a fourth mobile service provider in 2008-2009.

The company noted that future steps, including a final decision to bid or involving professional or financial investors in the unit, will be taken after the tender invitation was published, revealing conditions.

Hungary's National Media and Communications Authority (NMHH) started preparations for the sale of the rights to a 450 MHz as well as a 900 mobile frequency, NMHH Vice Chairman Gabor Matrai told MTI last week. (MTI Econews)