NOW Corp. P1B preferred share offering gets SEC approval
The Securities and Exchange Commission (SEC) has approved the P1 billion preferred share offering of Now Corp., which is vying to become the country’s third telco operator.
Information technology provider Now will sell a total of five million convertible preferred shares, with an over-allotment of another five million shares at P100 apiece.
One preferred share is convertible into five common shares at a conversion price of P20 per share. Each preferred share comes with a detachable warrant.
Net proceeds from the offering amounting to P955.46 million will be used to partly fund the expansion of its fiber-in-the-air, fiber optic network services.
The offering is expected to run from June 28 to July 4, while the listing of the shareshas been set for July 12.