Firm in satellite business going public

Manila Standard
BUSINESS
Tuesday, April 1, 2003
By Alena Mae S. Flores

Satellite firm Transpacific Broadcast Group International Inc. (TBGI) yesterday bared plans to undertake an initial public offering worth P69.67 million in new common shares at P1 per share. This represents 33 percent of the firm's outstanding common stock.

In its registration statement filed with the Philippine Stock Exchange, TBGI said the offer price for the shares is pegged at P1.18 to P1.48 per. share, Proceeds from the IPA is estimated to reach P70.5 million to P90.5 million.

TBGI said 10 percent of the entire IPO or some 6.97 million common shares shall be offered to, 'local small investors." A local small investor is someone willing to subscribe shares worth not more than P20,000.

Proceeds of the IPO will be used mainly for equipment acquisition, marketing promotions and working capital requirements. TBGI said the, purchase of additional equipment will allow the company to expand its satellite business, media broadcasting, broadband Internet services, among others.

"Our corporate mission is to provide Internet connectivity to rural communities throughout the country to enhance delivery of education,' health care and livelihood programs whether of government or other concerned institutions," Arsenio Ng, TBGI chairman, said.

See Newspaper Clipping