Canada's Conservative government said on Wednesday it will loosen curbs on foreign investment in the telecom sector, but it opted for a cautious approach that only lets foreigners take control of players that have a market share of 10 percent or less.Industry Minister Christian Paradis made the announcement at the same time as laying out bidding rules for an auction of prized 700 MHz wireless spectrum that will include a cap on the amount of spectrum available to the big three Canadian companies, Rogers Communications, Telus Corp, and BCE Inc."This targeted action will remove a barrier to investment for the companies that need it the most," Paradis told a news conference. "It will allow these companies to get further access to capital and expertise so that they can continue to grow and compete and better serve Canadian families and businesses."The caps on the Big Three players will apply to the 700 Mhz spectrum auction, to be held in the first half of 2013, as well as to a 2500 MHz spectrum auction to be held later.
Shares of RCI fell by 1.78% or $-0.71/share to $39.08. In the past year, the shares have traded as low as $32.27 and as high as $40.69. On average, 334318 shares of RCI exchange hands on a given day and today's volume is recorded at 470637.
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