Philippines’ SEC greenlights NOW Corp’s PHP1bn preferred share offer

The Philippine Securities and Exchange Corporation (SEC) has given the go ahead to NOW Corporation’s planned offering of convertible preferred shares with detachable warrants to raise up to PHP1 billion (USD18.8 million). Local press cite documents submitted to the SEC which confirm NOW Corp is looking to sell five million redeemable and convertible shares priced at PHP100 per share, coupled with an oversubscription option equivalent to another five million shares. NOW Corp is one of the companies potentially interested in bidding to become the Philippines’ third telco – via NOW Telecom (formerly Next Mobile) – and will reportedly use the bulk of the proceeds of the offer to fund the capital expenditure of the expansion of fibre-in-the-air infrastructure, fibre-optic networks and for general corporate purposes. The company ‘is currently considering the possibility of entering into a partnership with the company and other strategic domestic and foreign partners in order to participate in the aforementioned bid for the third telco slot,’ it confirmed in a statement to the SEC.