Technology

Mel Velarde ups stake in 5G aspirant Now Corp.

Businessman Mel Velarde has increased his stake in broadband and IT firm Now Corp. with the conversion of his cash advances to shares in the publicly-listed firm.

The conversion of Velarde Inc.’s cash advances into P89 million worth of shares or equivalent to a 2.38 percent stake in Now. the board approved the conversion at P2.80 per share on July 28.

The new shares will increase Velarde’s stake in Now to 23.66 percent.

Other shareholders of Now are Top Mega Enterprises Ltd. (20.39 percent), Emerald Investments Inc. (16.21 percent), Gamboa Holdings Inc. (13.03 percent), Joyce Link Holdings Limited (5.15 percent), and Foodcamp Industries and Marketing Inc. (4.27 percent).

Now is planning to spend $713 million over the next years for build a 5G network in Metro Manila and nearby provinces.

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