Transpacific Broadcast Group hikes cap to P380-M
DesThe
Securities and Exchange Commission has approved the capital hike of
satellite provider Transpacific Broadcast Group International Inc. (TBGI)
from P150 million to P380 million.
TBGI is owned by businessman Arsenio T. Ng whose business interests
range from communications to real estate development.
The capital increase is in preparation for the company’s initial
public offering this year.
In a registration statement filed with the SEC last month, TBGI said
it will offer to the public a total of 69.678 million new common shares,
representing 33 percent of the firm’s common stock.
The shares will be sold at a price ranging from P1.14 to P1.48 per
share, raising between P70.5 million and P90.5 million from the IPO.
RCBC Capital Corp. has been tapped to lead underwrite the offering.
TBGI has earmarked 10 percent of the entire IPO for local small investors
in compliance with securities rules.
Proceeds from the offering will be used for marketing promotions, working
capital requirements and equipment acquisition.
The company’s objective is to provide Internet connectivity of
rural communities throughout the country to enhance delivery of education,
health care and livelihood programs.
In five years, TBGI expects to establish Internet connectivity for
1,500 schools and 500 hospitals.
TBGI believes that the Philippine market can reach a potential of 40
million Internet users in 10 years based on the 50-percent market penetration
in developed countries like Hong Kong, Japan, South Korea, Singapore
and Japan.
The Philippines has a very low market penetration of 2.4 percent of
population using Internet.
Incorporated in 1995, TBGI holds a 25-year Congressional franchise
for commercial telecommunications and television broadcasting operations.
It also has an approved provisional authority to transmit radio signals
to satellites granted by the National Telecommunications Commission.
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