Satellite provider TBGI eyes P 90.5M
from offer
Business
World
Corporate News
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.
See Newspaper
Clipping
