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Transpacific Broadband, Saudi Prince form holding company

MANILA, Philippines - Publicly-listed Transpacific Broadband Group International Inc. (TBGI) partnered with a member of Saudi Arabian royalty to form a holding company that will serve as its investment vehicle in Asia. The company, together with Prince Abdul Aziz Bin Talal Al Saud, established Arab-Asia Holdings Corp., which will be funded “in the country of preference," TBGI said in a disclosure to the Philippine Stock Exchange (PSE). TBGI may serve as industrial partner, said the company which provides internet services to schools, companies, and government agencies. The newly-created company will “spearhead the propagation of Saudi culture and friendship in the Philippines and other Asian developing nations," it said in the same disclosure. Moreover, the company “will also serve as a holding company for the various business interests in the region of His Royal Highness Prince Abdul Aziz bin Talal." Arab-Asia Holdings Corp. will invest in TBGI to create or acquire its projects in sectors such as digital media, telecommunications, e-commerce, e-education, or e-development. As indicated in the agreement, TBGI may acquire subsidiaries to gain access to technologies which will be later transferred to the Middle East and Africa. The move will open the said region to call centers and similar operations. Upon approval of an investment agreement with TBGI, the Saudi Prince may assume the holding company’s chairmanship. He will be receiving two percent of the company’s net income, including a stock option of 5 million common shares at par value for the first year. For the second until the fourth year, the Prince will be receiving up to seven million in shares. This will increase to 10 million shares in the years thereafter. Arsenio T. Ng, TBGI chairman and chief executive officer, will become the company’s President once the Prince assumes Arab-Asia’s chairmanship. - GMANews.TV