A local consortium was selected as the new operator of the 28 gigahertz(GHz) band of the fifth-generation network(5G) in South Korea.

According to the science ministry on Wednesday, Stage X, comprising Kakao Corporation affiliate Stage Five and other companies, was named the nation's fourth operator of the 5G network after SK Telecom, KT Corporation and LG Uplus Corporation.

The consortium tendered the highest bid of 430-point-one billion won, or around 323 million U.S. dollars, to beat Sejong Telecom and Mobile Consortium.

Stage X will be required to build six-thousand base stations nationwide within the first three years and implement measures to address frequency congestion and interference.