Telco okays P800M capital hike

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The stockholders of telecommunications firm Now Corp. has approved the P800-million increase in its capital stock from P1.32 billion to P2.12 billion.

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The increase was lower than the previously approved P2.72 billion in November last year.

Shareholders also approved in the same meeting the conversion of P200 million advances made by a stakeholder, Velarde Inc. to equity.

In June last year, the company bared its $28-billion expansion program to extend its cell sites reach within and outside Metro Manila, targeting a 2 to 5 percent share of the market.

In the next five years, the telecoms firm also targets 2.9 million subscribers and P1.6 billion in revenues.

In the first nine months of 2014, the company reduced its net losses to P19.28 million from P42.09 million a year ago, while revenues decreased to P59.42 million from P63.3 million.

Now is forecasting to finish the whole year 2014 with a 46-percent increase in net profits on rollout of new products and services.

Incorporated in 1996 and formerly Information Capital Technology Ventures Inc. Through its subsidiary Now Telecom Company, it is operating under Next Mobile cellular license.

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