Canada's Conservative government said on Wednesday it will loosen restrictions on foreign investment in the Canadian telecom sector, but it opted for a cautious approach that would only allow foreigners to take control of small players with less than 10 percent of the market.Announcing the change, Industry Minister Christian Paradis also set bidding rules for an auction of prized 700 MHz wireless spectrum which will include a cap on the amount of spectrum available to the big three companies, Rogers Communications , Telus, and BCE Inc."The government will be applying caps in the upcoming spectrum auctions to guarantee that both new wireless competitors and incumbent carriers have access to the spectrum up for auction," Industry Canada said in a release.The caps will apply to the 700 Mhz spectrum auction, to be held in the first half of 2013, as well as to the 2500 MHz spectrum auction, which will be held within a year.
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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