Now poised to revitalize operations

NOW CORP., formerly Information Capital Technology Ventures Inc. (ICTV), has leeway from stockholders to revitalize operations by building up authorized capital, converting shareholder advances and issuing new shares.
Shareholders agreed on Friday to amend Now’s articles of incorporation to increase the authorized capital by P800 million to P2.12 billion, based on a disclosure to the Philippine Stock Exchange.
Trading on Now was halted from 9 to 10 a.m. on Friday following the disclosure of items approved during the special stockholders’ meeting on Jan. 22.
The company’s board of directors had approved a higher capital hike increase of P2.7 billion during its Nov. 2014 meeting.
But upon further study and discussion, a lower amount was recommended and approved by the board during a special meeting prior to the special stockholders’ meeting.
The new authorized capital of P2.12 billion was divided into 2.12 billion shares with par value of P1 a share.
“The increase in authorized capital will provide the company with funding to further strengthen its business,” the disclosure said.
The majority of the minority shareholders present during the meeting also agreed to waive the conduct of a rights or public offering in favor of fresh subscription by shareholder Velarde Inc.
The company was also authorized to convert the advances of Velarde worth P200 million into equity.
The approved articles of incorporation will now await approval from the Securities and Exchange Commission.
Late last year, the board authorized the company to engage the services of a financial institution to “evaluate financial alternatives” and “manage capital market transactions.”
Now was originally incorporated in 1996 as MF Schroder & Co. Inc., which was engaged in securities trading.
In 2002, it was renamed Cashrounds Inc. with the primary purpose to engage in the business of securities brokerage through the use of information technology.
In 2006,  it was renamed ICTV and its primary purpose changed to telecommunications, media (except mass media) and technology.