Satellite provider files papers for public float

The Daily Tribune
BUSINESS
Tuesday, April 1, 2003
By Carlo Lao C. Manuel

Satellite service provide Transpacific Broadcast Group International Inc. (TBGI) has filed its registration statement with the Philippine Stock Exchange for an initial public offering of 69.7 million new common shares, or 33 Percent of its total common stocks.

The offer price is at P1.18 to P1.48 with a par value of P1 each. The expected net proceeds from the IPO is at P70.5 million to P90.5 million,

Ten percent of the entire IPO shall be offered to small investors. A small investor is a share subscriber who is willing to subscribe to a minimum board lot of whose subscription does not exceed P20,000.

The proceeds will be used mainly for equipment acquisition, marketing promotions and working capital requirements.

TBGI plans to provide Internet connectivity all over the Philippines particularly in the rural areas.

The company, which started commercial operations of its satellite broadcast in 1996, generates revenues mainly from Internet, Intranet and local loop service subscription of schools, hospitals and corporate service sector and government agencies.

Its initial marketing effort and equipment rollout will be focused on schools and hospitals. The school sites are targeted to host the access nodes with which the point to multipoint system hubs will be installed to cover a wider market area.

TBGI is looking to establish connectivity of 1,500 schools and 500 hospitals in five years.

The company is the technology subsidiary of listed firm ATN Holdings Inc.

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