Filtered By: Just In

Transpacific Broadband seeks congressional franchise renewal

Transpacific Broadband Group International Inc. (TBGI) is seeking to extend its Congressional franchise for another 25 years as its plan to take part in the government’s third telco initiative.

TBGI said it will apply for renewal of its congressional franchise (Republic Act No. 8675), which will expire in 2023.

Arsenio Ng, chairman of TBGI, has informed its board of directors that the company’s congressional franchise is eligible for renewal for another 25 years from 2023 to 2048.

Its franchise renewal is envisioned to “to support government initiative for a third telco to serve the public interest,” TBGI said in a regulatory filing submitted by its vice president, Paul Saria.

“TBGI maintains its current satellite operations for Uplink Services, VSAT Services, and Internet over Satellite Services to service the education and commercial sector.”

The company signified its interest in various telecommunications market opportunities opened by the Department of Information and Communications Technology (DICT).

TBGI is planning to sell as much as 40 percent common equity to foreign investors in a fund-raising to bolster its coffers as it goes for the third telco slot.

The company intends to join a consortium of participating investors, or a consortium of “Common Tower Investment Corporation” to establish 50,000 tower sites nationwide.

Common Tower Investment can lease its towers to the third telco consortium.

TBGI said it could also establish a representative office in China in coordination and cooperation with a Chinese consortium in 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,” it said. —VDS, GMA News