Arsenio Ng?s TBG to sell 40% stake to foreign investors to strengthen 3rd telco bid
Transpacific Broadband Group Int?l Inc. of Chinese-Filipino businessman Arsenio Ng, is taking in foreign investors to bolster its bid to become the country?s third telco player.
In a filing with securities regulators, TGBI said its board approved the sale of 40 percent equity to foreign investors through a private placement. The fund-raising activity will allow the company to join a consortium that will bid for the third telco slot.
TBG is also considering participating in a consortium that will build 50,000 tower sites nationwide.
The company is also looking at establishing a representative office in China in partnership with a China consortium involved in telecoms and technology. The objective is to bring in artificial intelligence (AI), block chain technology, asset-backed initial coin offering, and Internet of Things technology.
The China representative office will complement the PEZA Ecozone of ATN Group, by orienting possible host locators including AI / technology companies.
TBGI generates revenues mainly from Internet, Intranet, and local loop services, usbscriptions of schools, corporate private sector and government agencies.