Publicly-listed Transpacific Broadband Group International Inc. is seeking to raise money from foreign investors for its planned participation in a consortium bidding to become the third major telecommunications player in the country.
TGBI said in a disclosure to the Philippine Stock Exchange its board approved the fundraising, equivalent to a 40-percent equity to foreign investors, through a private placement.
TGBI is headed by businessman Arsenio Ng, who also owns ATN Holdings Inc., formerly Jabpract Mining and Industrial Corp.
TGBI said it would use the proceeds from the private placement to participate in various opportunities in the telecommunication market brought about by the directive of the government to have a third telco in the Philippines.
TGBI said it would participate in a consortium of third telco investors and in a consortium of “Common Tower Investment Corp.” to establish 50,000 tower sites nationwide.
The company will also establish a representative office in China with coordination and cooperation with a China consortium involved with telecoms and technology, the aim of which is to bring in Artificial Intelligence Initiative, Block Chain Technology, Asset-backed Initial Coin Offering and Internet of Things technology.
TBGI generates revenues mainly from internet, intranet and local loop services subscriptions of schools, corporate private sector and government agencies.
The company sells data services to subscriber schools for internet connectivity and virtual private network connectivity, and video uplink services to local and foreign TV channels. Data and video services are delivered from the TBGI earth station in Clark, Pampanga and transmitted via Apstar-6 satellite to receiving customer premises equipment units of clients.
It has service experience with local Channels 4, 9, and 13, and international cable television program providers, including an Egyptian channel and a Korea-based TV shopping network.
TBGI also owns and operates satellite facilities having separate buildings for transmitter and power generators at the 1.1-hectare area of former US Air Force Satellite Communication facility in Clark Special Economic Zone in Pampanga.
TBGI’s integral facility, the Clark Development Corp. Broadcast Operations Center, houses 20 studios for media production, post-production and playback services.
Most groups seeking to become the country’s third major telecommunications player opposed the auction of frequencies as proposed by the Finance Department.
The Department of Information and Communications said earlier an informal survey among 15 potential players that participated in the public hearing last Friday found that 75 percent preferred the highest committed level of service or HCLoS for the selection of the new major telco player.
Results of the survey showed that only 17 percent among the participants chose the auction mode being pushed by Finance Secretary Carlos Dominguez. Eight percent abstained from the survey.