Smart-Globe duopoly killer? NOW hits new high on heavy buying for 2 straight days
Velarde family-led NOW Corp. surged to a new historic high with the value of trades breaching the P1 billion mark for the second consecutive day.
NOW skyrocketed to P15.30 each share Wednesday, up 49.12 percent as investors seemed enthusiastic about the company’s potential to become the country’s third telco player. The stock jumped to as much as P15.38 per share, making it the second biggest gainer for the day.
A total of 142.72 million shares valued at P1.94 billion changed hands.
NOW officially announced last month its intention to vie for the third telco slot being offered by the government in a bid to shake up the PLDT Inc. and Globe Telecom Inc. duopoly.
The company is in talks with both local and foreign groups for a possible partnership to bolster its bid.
Under the guidelines drafted by the Department of Information and Communications Technology, the applicant with the highest committed investment for the first five years will be selected and this commitment should be secured with a performance bond.
Candidates must have at least P400 billion to P500 billion over a period of five years to compete with the industry giants.