• Now Corp. to sell P1.5-B preferred shares

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    LISTED IT firm Now Corp. is planning to raise P1.5 billion by offering 15 million preferred shares at P100 each to support its expansion plans.

    The company told the Philippine Stock Exchange on Monday that it filed a registration statement with the Securities and Exchange Commission (SEC) on Friday, February 17, in connection with the primary offer of 15 million redeemable, convertible, non-participating, and non-voting preferred shares as well as the offer of detachable subscription warrants.

    Now Corp said it plans to offer 30 million detachable subscription warrants, to be issued free of charge with 30 million underlying common shares, that will be listed and traded on the Main Board of the PSE.

    The share offer is subject to the approval of both the SEC and PSE.

    “The company intends to use the net proceeds from the offer partly to fund the building of its fiber optic network, expansion of Fiber-in-the-Air broadband service, research and development, as well as for general corporate purposes,” Now Corp said.

    SB Capital and Philippine Commercial Capital Inc. were appointed as joint issue managers, joint bookrunners and joint lead underwriters for the preferred shares offer.

    Incorporated in 1996, Now Corp provides telecommunications value-added service through companies duly licensed to engage in wired and wireless, fixed and mobile communications; software and hardware technology, business process outsourcing, call center and other information technology applications.

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