NOW opened at P2.68 and closed at P3.58 per share, up by P1.19 from Friday’s close as investors welcomed the entry of a new player on the mobile market.
A total of 172.18 million shares worth P535.37 million changed hands.
The grant of PA is subject to a number of conditions, including the infusion of additional capital
of at least P1.9 billion. The amount represents 30% of NOW Telecoms’ total capital expenditure requirement for the fist two years amounting to P6.3 billion.
NOW Telecoms must also accelerate the installation of broadband data service in the suburban and rural areas.
The company is also preparing the rollout of its fifth generation network to compete with industry giants PLDT-Smart, Globe and newcomer DITO.
To fund its massive expansion, NOW Telecoms is listing by way of introduction.