Transpacific, GEM Global sign investment deal

Listed Transpacific Broadband Group International Inc. has entered into an investment deal with UK investment fund group GEM Global Yield Fund Ltd. Transpacific disclosed to the Philippine Stock Exchange Thursday that the agreement gives GEM Global the right to buy up to P250 million worth of shares in Transpacific. Transpacific would also issue in favor of GEM Global warrant subscriptions for up to 20 million shares in the company. Proceeds from the shares sale would be used by Transpacific as working capital and to expand its satellite earth station network, Arsenio Ng, Transpacific CEO, said. The Internet-based network is increasing its geographic coverage and is being redesigned to accommodate e- education and e-commerce applications, Transpacific said. GEM Global is a $3.4-billion alternative investment group having 285 transactions completed in 60 countries and managing a diverse set of investment vehicles across the world. Incorporated in 1995, Transpacific started commercial operations in radio, terrestrial, cable, and satellite broadcast the following year. —VS, GMANews.TV