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TBGI, in a stock exchange filing on Thursday, said it had signed a memorandum of understanding with a China state-owned enterprise, which would assist in site acquisition and postconstruction activities.
In the filing, TBGI said it was planning to start with 3,000 tower sites covering its existing clientele of private schools using its broadband service.
'Given that the [terms] of reference for the third telco is clear and definitive, TBGI can now actively [pursue] its strategies in expanding business activities,' the company said in a regulatory filing.
'TBGI's 25-year congressional franchise allows TBGI participation in the said business opportunities,' it added.
This, after TBGI disclosed a plan to raise funds by selling up to 40 percent of its equity to foreign investors through a private placement.
TBGI holds a valuable telco franchise, which will expire in 2023.
'Given that the terms of reference for the third telco is clear and definitive, TBGI can now actively pursue its strategies in expanding business activities,' the company, led by businessman Arsenio Ng, said in its filing.
IMI, which is embarking on a P5-billion stock rights offering, gained 6.64 percent, while TBGI advanced by 5.26 percent.
Notable decliners outside the PSEi included TBGI, which lost 8.06 percent after previously surging on the back of third telco speculations.
ATN Holdings surged by 35.63 percent in relatively heavy volume while TBGI racked up 3.33 percent.
Among the notable gainers were TBGI and Vista Land, which respectively surged by 48.15 percent and 9.52 percent.
The change in the par value of TBGI shares from P1 a share to 10 centavos a share was reflected in the PSE effective Tuesday.
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