TBGI to list shares

Malaya
MARKETS
Tuesday, April 1, 2003

Satellite firm Transpacific Broadcast Group international (TBGI) yesterday filed with the Philippine Stock Exchange shares representing 33 percent of its common stock.

The offer price is from P1.18 to P1.48 per share and the company expects net proceeds from the offer estimated at P70.5 million to P90.5 million,

Proceeds will be used to buy equipments, marketing promotions and working capital requirements.

TBGI chairman Arsenio Ng said the company will 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.

INg said, with affordable computers and satellite connectivity the under-served Philippine market could hope to match the 50 percent market penetration in developed countries in Asia with 40 million Filipino internet users in 10 years.

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