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NOW Telecom set to go public

/ 05:18 AM August 27, 2020

NOW Telecom is planning to go public in the Philippines or overseas and has tapped Unicapital Inc. as its financial adviser for this undertaking.

In a statement, the company said Unicapital would also help in the preparation of its planned corporate restructuring and fundraising activities, mainly to bolster its capabilities in fifth-generation (5G) mobile services.

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NOW Telecom, which holds a Congressional franchise to build and operate a telecommunications network, said it was planning to list by way of introduction.This typically means having its shares traded without undertaking a traditional initial public offering.

“Together with its adviser, NOW Telecom is assessing the suitability of listing its shares on the local bourse or within the region, given its medium-term business plans,” Mel Velarde, founder and CEO of NOW Group of Companies, said in a statement.

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Apart from access to the stock market, a listing will allow the company to meet the requirements of its franchise.

NOW Telecom earlier announced a plan spend $713 million for its five-year 5G fixed wireless expansion in Metro Manila. It said some $152 million would be used in the first three years mainly to acquire new 5G radio equipment.

5G is a mobile standard that promises ultra-fast internet speeds and low lag times, making it ideal in powering a slew of emerging applications like connected cities, automated manufacturing and driverless cars.

Telco giants PLDT Inc. and Globe Telecom have started rolling out 5G but on a limited scale. NOW said it had the requisite frequencies to provide 5G services.

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TAGS: (5G) mobile services, Now Telecom, Unicapital Inc.
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