Now Corp raises stake in Now Telecom; eyes taking firm 'to the next level'

ABS-CBN News

Posted at Jul 05 2021 12:50 PM

MANILA - Now Corp said Monday it has increased its stake in unit Now Telecom Co Inc to take it "to the next level" following its 25-year franchise renewal. 

Now Corp increased its stake in Now Telecom to 24.23 percent from 19 percent, it said in a statement. Now Telecom's franchise has been extended for another 25 years beginning in 2018, Now Corp said.

Now Telecom earlier introduced pre-5G broadband speed of up to 2 Gbps to its enterprise clients. The goal is to extend this service to consumer markets through fixed wireless access and cellular devices, it said.

Now Corp said the telecom is "currently setting the stage" for a public listing as well as its 5G rollout.

In December, Now Telecom signed a deal with Finnish tech giant Nokia for its 5G rollout. 

"We speak for Now Corp. owners that we must play a bigger part of the game plan,” Now Corp chairman Mel Velasco Velarde said.

“Now Telecom’s licenses and its evolving business plan, which is a work in progress with Nokia, would allow us to offer gigabit speed to both fixed and mobile cellular broadband subscribers,” Velarde added.

The company said it has also been undertaking other organizational and financial changes to prepare for future opportunities. 

NOW Telecom previously held off its third telco bid as it questioned the selection process.

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