Satellite firm Transpacific Broadcast applies for IPO
The Manila Times
Corporate News
Friday / March 14, 2003
BY HONEY MADRILEJOS REYES
SATELLITE broadcast firm Transpacific Broadcast Group International Inc. (TBGI) has filed an application with the Philippine Stock Exchange (PSE) for an initial public offering (IPO), the first to do so this year.
In a press statement, TBGI said it is planning to offer to the public 33 percent of its total common stock.
“The firm cannot divulge yet the value and volume of the shares as these things are still being finalized,” said Melvyn S. Martin company spokesman.
TBGI has a license to operate a satellite earth station for use in commercial telecommunications and television broadcasting operations. It plans to provide Internet connectivity all over the Philippines particularly in remote and unserved areas.
It started its commercial operations in satellite broadcast in 1996, generating revenues mainly from Internet, Intranet and local loop service subscription of schools, hospitals, and corporate private sector and other concerned institutions.
While TBGI considers a diversity of sectors as its primary target markets, its initial marketing effort and equipment rollout would be focused on schools and hospitals, particularly in the rural areas. It expects to establish connectivity of 1,500 schools and 500 hospitals in five years.
TBGI is the technology subsidiary of ATN Holdings, Inc., which is listed at the PSE. With TBGI the ATN Group can expand into different platforms covering broadcast media, global communications and electronic commerce and services.
The general direction for the ATN Group is the convergence of the three wireless business areas.
In another development, the Securities and Exchange Commission (SEC) has already approved the PSE policies on electronic release of corporate disclosures and exchange announcements and their release after trading hours. The PSE implemented the electronic system on March I
“We have no objection to its implementation considering that the process is basically just a transformation of the current practice of printing hard copies of corporate disclosures and announcements that it daily receives,” said the SEC. It said the new approach would achieve the following: a faster dissemination of material information to the trading participants; less cost to the PSE; and less likely that somebody within the PSE holding the material information would be able to take advantage of said information for trading purpose.
