Transpacific Broadband Group International Inc. said it will apply for the renewal of its Congressional franchise for another 25 years as it plans to become the country’s third player.
Transpacific said in a disclosure to the Philippine Stock Exchange the company’s Congressional franchise under Republic Act 8657 was eligible for the renewal for another 25 years from 2023 to 2048.
The renewal of the franchise aims to support the government’s initiative for a third telecommunications player to serve the public interest.
Transpacific is headed by businessman Arsenio Ng, who also owns ATN Holdings Inc., formerly Jabpract Mining and Industrial Corp.
Earlier, Transpacific said its board approved the fundraising, equivalent to a 40-percent equity to foreign investors, through a private placement.
The company 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.