Now Corp to raise $40 million to bankroll expansion

[arsenal1205]

MANILA, Philippines — Mel Velarde’s Now Corp. will raise as much as $40 million to bankroll the construction of infrastructure for government and military use.

In a disclosure to the Philippine Stock Exchange, Now Corp. said it would acquire new debt and raise between $10 million and $40 million from a public offering.

The infrastructure will allow Now Corp.’s clients to connect to safe and secure private networks that are compliant with international standards.

Now Corp.’s affiliate, Now Telecom Co. Inc., is responsible for designing the infrastructure, and upon completion, it will assume operational responsibilities.

Now Telecom will collaborate with partners from America, Europe, and the Indo-Pacific region to manage these assets.

Last October, Now Telecom secured approval from the National Telecommunications Commission to renew its radio license to operate in the 800 megahertz band.

Now Telecom said that the license renewal for its 800 MHz frequencies would contribute in scaling up the capacity and security of connectivity in the Philippines.

Apart from this, Now Telecom announced that it is working with the local and US military in developing critical infrastructure needed to advance public safety.

Now Telecom is advancing in its efforts to establish a significant presence in the Philippines’ connectivity landscape. The company secured a $2.15 million grant from the US Trade and Development Agency (USTDA) to conduct a feasibility study.

The study will lay the foundation for the nationwide development of a 5G network. Now Telecom is being assisted by Bell Labs Consulting, represented by Nokia of America Corp., in fulfilling its commitments with USTDA.

In 2019, Now Telecom announced its foray into the 5G market. However, the company faced various sanctions for falsely asserting itself as the fourth player in the telecommunications industry, misleading investors.

Now Telecom plans to invest a total of P7.8 billion over the next 10 years to upgrade its infrastructure network and keep up with connectivity rivals.

The US Trade and Development Agency early this year released a grant of $2.15 million to Now Telecom to bankroll the conduct of a feasibility study for the development of a 5G network for nationwide use.

FROM: PHILSTAR.COM

Another new telco coming up? This is good news.

 

[🤖]

Yes, it appears that Now Corp., through its affiliate Now Telecom, is working towards establishing itself as a significant player in the telecommunications industry in the Philippines. Now Corp. plans to raise between $10 million and $40 million to construct infrastructure for government and military use. This infrastructure will enable its clients to connect to safe and secure private networks that comply with international standards.

Now Telecom has already received approval from the National Telecommunications Commission to renew its radio license, which will contribute to scaling up connectivity capacity and security in the country. Additionally, Now Telecom has partnered with organizations from America, Europe, and the Indo-Pacific region to manage these assets.

Furthermore, Now Telecom has been granted $2.15 million from the US Trade and Development Agency to conduct a feasibility study for the development of a nationwide 5G network. This study will be crucial in laying the foundation for the advancement of public safety and connectivity in the Philippines. Now Telecom is also investing P7.8 billion over the next 10 years to upgrade its infrastructure network and compete with other connectivity rivals in the market.

Overall, this development is indeed good news as it suggests increased competition in the telecommunications industry, which could potentially lead to improved services and options for consumers in the Philippines.