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MANILA – NOW Corp said Monday that the National Telecommunications Commission has extended the provisional authority of its NOW Telecom telecommunications unit to install, operate and maintain a mobile telecommunications system.
According to the NTC order, the provisional authority is subject to the infusion of an additional capital of 1.9 billion pesos, NOW Corp said in a disclosure to the stock exchange.
It also required NOW Telecom to accelerate the deployment of broadband data services in suburban and rural areas.
NOW Corp said its telecommunications unit is one of 4 firms with cellular mobile phone service (CMTS) licenses in the country, including Smart, Globe and DITO Telecommunity.
NOW Telecom is also preparing to go public through its filing on the Philippine Stock Exchange and its 5G offering, it said.
“As the fourth largest telecommunications company in the country, NOW Telecom, a subsidiary of the publicly traded telecommunications, media and technology firm NOW Corp, is setting the stage for its public listing, as well as its deployment of 5G or fifth generation, “he said.
“We are moving forward with the corporate restructuring of NOW Telecom to take it to the next level. NOW Corp and NOW Telecom were the first to introduce 5G broadband speeds of up to 2 Gbps directly to our existing business customers. Our next step is to extend this service to the residential and consumer markets, ”said NOW Group of Companies founder and CEO Mel V. Velarde.
NOW Telecom previously postponed its third telecom bid because it questioned the selection process.
NOW CORP shares rise nearly 30% in morning trading after regulators extended their interim authority to install, operate and maintain the mobile telecommunications system nationwide @ANCALERTS
– Michelle Krystle Ong (@michelle_d_ong) September 21, 2020
NOW Corp’s stock rose 49.79 percent to 3.58 a unit in Monday morning’s trade, from its previous close of 2.39.
– with a report by Michelle Ong, ABS-CBN News
ANC, ANC Top, NOW Corp, NOW Telecom, Third Telecom Offering, Provisional Authority, Telecom License, NOW
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