Tuesday, April 1, 2003
By LEILANI M. GALLARDO
Satellite service provider Transpacific Broadcast Group International, Inc. (TBGI) yesterday said it plans to raise P70.5 million-P90.5 million through an initial public offering (IPO) of some 33% of its stocks.
The 33% block to be sold through IPO is equivalent 69 million worth of shares priced it P 1.18 to P 1.48 apiece.
TBGI said proceeds from the IPO will be used to buy equipment, marketing, promotions and to finance working capital requirements.
“The equipment purchase allows the expansion of TBGI’s satellite business as well as its broadcasting, broadband internet services and installation of point to multi-point infrastructure,” the firm said.
The proposed IPO will be underwritten and managed by RCBC Capital Corp.
TBGI, a subsidiary of listed firm ATN Holdings, Inc., is owned by businessman Arsenio T. Ng. It was formed in July 1995 and started commercial operations of its satellite broadcast business in 1996.
It is currently registered at the Clark Special Economic Zone and has a 25 year lease agreement to build and manage a satellite earth station in the economic zone.
The firm said it generates revenues mainly from internet, intranet and local loop (satellite services) subscriptions from local schools, hospitals, private companies and government agencies. TBGI said its business plan hinges in providing digital satellite network technology infrastructure for data and video broadcasting to support cable television networks.
TBGI is one of the three commercial satellite providers in the country, the other two being Domestic Satellite, Inc. and Philippine Communication Satellites Corp.
“With affordable computers and satellite connectivity, the underserved Philippine market could match the 50% internet penetration in developed countries,” Mr. Ng said.
Aside from Mr. Ng, TBGI’s board of directors include Jose M. Corpus, Hilario T. Ng and Paul B. Saria.