Global Destiny Cable plans IPO in 3 years

Global Destiny Cable Inc, the Philippines’ third largest cable company, plans to sell shares to the public within three years, its president said. Philip Jean Chien, Global Destiny president and CEO, said his company could list on the Philippine Stock Exhcange (PSE) by 2010. "We are preparing now for IPO, but it can happen in three years time. Right now, nobody will buy stocks because of the environment we have," Chien said. Unlike in other countries, the cable business in the Philippines is hard pressed to make profits because of the magnitude of illegal connections. He estimated losses of about P50 million a year owing to illegal cable connections in Metro Manila. Global Destiny was valued about P2 billion and made a reasonable profit in 2006, he said. "I really wanted to issue shares to the public" to raise capital for expansion, Chien said. Global Destiny had a capital infusion of P200 million in 2004, of which half had been spent already. The company operates in Caloocan City, Valenzuela, Quezon City, Novata, Marikina, Manila, Pasay, Pasig, Mandaluyong, Makati City, Las Pinas, Sucat, Paranaque and Muntinlupa. -GMANews.TV