May 5, 2009 / 3:13 PM / 9 years ago

UPDATE 1-Telus to spend C$300 million in Ontario

TORONTO, May 5 (Reuters) - Telus Corp (T.TO), Canada’s No. 2 telephone company, outlined more of its capital spending plans on Tuesday, announcing it will invest more than C$300 million ($254 million) in the province of Ontario.

As with recent similar announcements regarding spending in the Western Canadian provinces of Alberta and British Columbia, Telus said the money will mostly be spent on building wireless and wireline infrastructure.

Telus is currently working with BCE Inc (BCE.TO) — one of its main rivals and the country’s biggest telecom company — on a next-generation wireless network upgrade.

This network should be ready by early 2010 and could help the two companies compete against wireless market leader Rogers Communications Inc (RCIb.TO).

Telus shares were up 3 Canadian cents to C$29.73 on the Toronto Stock Exchange.

$1=$1.18 Canadian Reporting by Wojtek Dabrowski; editing by Rob Wilson

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