Pakistan sells 480 MHz of 5G spectrum for $507 million

ISLAMABAD, March 10 (Reuters) - Pakistan sold 480 MHz of 5G telecom spectrum for $507 million on Tuesday, the country's telecom authority chairman announced after a live auction.

Following are some details of the sale:

• Jazz, a Veon-backed firm; Zong, a Chinese company; and Ufone, run by Pakistan telecommunication company Ltd, won the spectrum.

• Revenue from the sale will go towards building out the country's thin foreign exchange reserves.

• The 5G spectrum will boost internet speed for the 240 million nation, which often experiences state-backed digital media curbs.

• Information Technology Minister Shiza Fatima said all major Pakistani cities will have access to 5G by the end of this year.