Technology

NOW plans equity offering to bankroll expansion, widen public float

Businessman Mel Velarde-led NOW Corp. has bared plans to sell shares through a top-up placement this year to raise funds for its expansion.

In a regulatory filing, NOW said it has tapped PNB Capital and Investment Corp. as issue manager, financial advisor and bookrunner for a placing and subscription transaction.

The terms and conditions of the transaction will be disclosed to the exchange once finalized.

“NOW intends to execute the transaction within the year to raise capital to strengthen and broaden its capital base as well as to promote a wider dispersion of the commons shares of the company to a broad spectrum of pubic institutional investors,” it said.

The company also plans to use the proceeds of the transaction to partially finance its planned expansion projects which include the development of a 5G network in the National Capital Region.

In October 2019, NOW inked a memorandum of understanding with South Korea’s SK Telecom to collaborate on the deployment of a commercial 5G network in the Philippines.

Last December, NOW signed a similar deal with Nokia as part of efforts to expand its service to high-end markets via 5G.

NOW provides broadband internet, IPTV, software and B2B services via affiliate NOW Telecom.

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