- NOW Telecom secured the approval of SEC of its corporate restructuring including the increase of its authorized capital stock and the quasi-reorganization of its equity which allowed the Company to eliminate its deficit.
- NOW Telecom shall greatly benefit from the amended PSA, which was signed by the President last 21st March 2022, allowing up to 100% foreign ownership of public services in the country.
26 April, 2022, Manila, Philippines — NOW Telecom Company, Inc. (“NOW Tel”) said it has secured the approval of the Securities and Exchange Commission (SEC) for the increase of NOW Tel’s authorized capital stock, quasi-reorganization of its equity and stock split.
As a result of the approved application,NOW Tel increased the number of its authorized common shares from 14.59 million to 952.09 million and lowered its par value from Php100.00 per share to Php1.00 per share. Previously, on 24 June 2021, the stockholders of NOW Corp approved the increase of the company’s stake in NOW Tel, for a total of Php600 million which were part of the proceeds from the placement received from the equity subscription of Velarde, Inc. to NOW Corp. The additional subscription from NOW Corp and other shareholders supported the increase in authorized capital stock of NOW Tel.
In addition, the SEC also certified the approval of the equity restructuring to fully wipe out NOW Tel’s deficit as of December 31, 2020. The quasi-reorganization has allowed NOW Tel to eliminate its deficit, which shall allow the company (NOW Tel) to declare dividends to its shareholders from its unrestricted retained earnings that may be generated subsequent to the quasi-reorganization.
“This strategic initiative of NOW Tel is envisioned to support its growth plans. The three-step equity restructuringbetter positions NOW Tel for investors both domestic and foreign to participate in its equity. With the amended Public Services Act allowing up to 100% foreign ownership in public utility companiesand this recent approval from SEC, NOW Tel can now proceed in its growth plans starting with its fundraising efforts including but not limited to tapping either the debt market or equity market, or both.” says Rene L. Rosales, NOW Telecom President and COO.
President Roa Rodrigo Duterte, on February 22, 2018, signed into law Republic Act. No. 10972 which extended NOW Tel’s franchise for another 25 years or until 2043.
In March 2022, NOW Tel scored another win as it received a favorable ruling from the Anti-Red Tape Authority (ARTA). ARTA reiterated its earlier resolution declaring the completeness of NOW Tel’s application and its order to assign the spectrum ranging from 1970Mhz-1980Mhz paired with 2160Mhz to 2170Mhz and 3.6Ghz and to 3.8Ghz, including 5G frequencies for mobile and fixed wireless.
The Anti-Red Tape Authority affirmed its decision ordering the National Telecommunications Commission to extend the permit of Now Telecom Company Inc. to operate mobile telephone services and mobile and fixed wireless frequencies.
ARTA in a resolution dated March 31 denied the motion for reconsiderations filed by NTC and DITO Telecommunications and reiterated its earlier resolution declaring the completeness of NowTel’s application for provisional authority to operate cellular mobile telephone service in the 220 Mhz frequency range from 1970Mhz-1980Mhz paired with 2160Mhz to 2170Mhz and 3.6Ghz to 3.8Ghz, including 5G frequencies for mobile and fixed wireless.
“ARTA did not rule on the rights and obligations of parties, but merely resolved the issue whether the documents submitted by NowTel are complete which will warrant an automatic approval by operation of law,” the resolution said.
Source: MANILASTANDARD.NET
NOW Telecom Co. Inc. has secured the Anti-Red Tape Authority’s (ARTA) approval in its application for automatic extension of its mobile permits that will allow it to offer mobile broadband services which has been hampered for 16 years.
In a resolution dated March 31, 2022, ARTA denied with finality the motion for reconsideration filed by the National Telecommunications Commission (NTC) and reiterated its resolution last January 31 declaring the completeness of NOW Telecom’s application for cellular mobile telephone system (CMTS) provisional authority.
The company’s provisional authority covers the 220Mhz frequency range from 1970Mhz-1980Mhz, paired with 2160Mhz to 2170Mhz and 3.6Ghz to 3.8Ghz, including 5G frequencies for mobile and fixed wireless.
An order of automatic approval was issued by ARTA last March 1, 2021.
ARTA said it did not rule on the rights and obligations of parties but merely resolved the issue whether the documents submitted by NOW Telecom are complete, which will warrant an automatic approval by operation of law.
“There being neither legal basis nor cogent reason to reverse its disposition through omnibus order dated Jan. 31, 2022, the authority resolves to deny the NTC’s motion for reconsideration dated Feb. 14, 2022,” ARTA said.
In 2005, NTC granted NOW Telecom a CMTS provisional authority on the basis of the latter’s legal, technical and financial qualifications during hearings conducted before the telecom regulator.
However, NOW Telecom said NTC failed and continued to refuse to assign frequencies it needed to implement its CMTS provisional authority, despite repeated pleadings, thus leading to the ARTA case.
Per the cited rules, ARTA is duly bound to merely investigate and verify if an applicant has indeed fully submitted all the necessary documents and paid all the required fees. The company did, so the declaration of completeness was issued through the March 1 resolution.
With the recent ARTA ruling, NOW Telecom said it will be able to continue pursuing its mobile broadband service aspiration that has been hampered for more than 16 years due to the lack of sufficient frequencies to operate.
The company is one of the three holders of a CMTS provisional authority alongside Smart Communications Inc. and Globe Telecom Inc., prior to the new major player bidding in 2018. – Myla Iglesias
THE Anti-Red Tape Authority (ARTA) has issued a favorable decision again to NOW Telecom Co. Inc. (NOWTEL) in its Application for Automatic Approval of Extension of Cellular Mobile Telephone Service Provisional Authority (CMTS PA) and the Assignment of Frequencies for its Effectual Use against the National Telecommunications Commission (NTC).
In a resolution dated March 31, 2022, ARTA denied with finality the motion for reconsideration filed by the NTC through Gamaliel A. Cordoba. The resolution also reiterated its earlier resolution set forth in the Omnibus Order dated January 31, 2022, in relation to its resolution dated March 1, 2021 declaring the completeness of NOWTEL’s application for CMTS PA to operate in the 220 megahertz (Mhz) frequency range from 1970Mhz to 1980Mhz paired with 2160Mhz to 2170Mhz and 3.6Ghz to 3.8Ghz, including 5G frequencies for mobile and fixed wireless.
The agency has already issued an Order of Automatic Approval on March 1, 2021.
As early as 2005, the NTC granted NOW Telecom a Cellular Mobile Telephony System (CMTS) Provisional Authority (PA) based on the latter’s legal, technical, and financial qualifications during hearings conducted before the NTC.
However, the regulator failed and continued to refuse to assign NOWTEL frequencies needed to implement its CMTS PA, despite repeated pleadings; thus, the ARTA case.
With the recent ruling from ARTA, NOWTEL will be able to continue pursuing its mobile broadband services aspirations that have been hindered for over 16 years due to the lack of sufficient frequencies to operate.
NOWTEL was one of the three holders of a CMTS PA alongside SMART Communications Inc. and Globe Telecom Inc. prior to the new major player bidding in 2018.
NOW Telecom Company Inc. (NOW Telecom) has received a favorable decision from the Anti- Red Tape Authority (ARTA) for its nationwide cellular mobile telephony service.
In an Omnibus Order released February 3, ARTA affirmed with finality its earlier resolution approving NOW Telecom’s assignment of 220Mhz of radio frequencies namely, 1970Mhz-1980Mhz paired with 2160Mhz to 2170Mhz and 3.6Ghz to 3.8Ghz, including 5G frequencies for mobile and fixed wireless.
In March last year, ARTA ordered the National Telecommunications Commission to assign mobile frequencies to NOW Telecom after about 16 years.
NTC contested the order, which ARTA, in turn, rejected.
As early as 2005, NTC granted NOW Telecom a CMTS provisional authority, on the basis of the latter’s legal, technical, and financial qualifications during hearings conducted before the NTC.
Despite repeated pleadings from NOW Telecom, NTC did not assign the company the frequencies needed to implement its CMTS provisional authority.
ARTA noted that the 16-year-delay in the assignment of frequencies is a violation of the law that aims to increase efficiency in public service by reducing processing time, eliminating red tape, simplifying requirements and procedures, and expediting both business and non-business transactions with the government.
Engr. Rene Rosales, NOW Telecom President, said: “With the recent ARTA ruling, NOW Telecom will be able to continue pursuing its mobile broadband services aspirations that have been hampered for more than 16 years due to the lack of sufficient frequencies to operate. NOW Telecom has been a holder of a CMTS Provisional Authority alongside Smart Telecommunications and Globe Telecom prior to the 3rd Telco Bidding.”
Source: MANILASTANDARD.NET
NOW Corporation executives, Henry B. Abes, President & CEO and Kasthen V. Rosero, Director of Marketing Support Services with WallPost Company’s Andrew Doxsey, CEO and Herson Uy, Head of Partnerships Asia
22nd November 2021
Manila, Philippines
Publicly listed technology firm, NOW Corporation (“NOW”) announced on 22nd of November 2021 that it has signed an exclusive partnership agreement with global tech firm WallPost Company in order to help digitally transform small and medium enterprises in the Philippines by providing a cloud-based Enterprise Resource Planning solution (ERP).
WallPost Company, with its headquarters operating out of its California office, is a global tech firm that has exclusive agreements with global telecom operators such as Ooredoo in Qatar and Tunisia and Indosat in Indonesia. WallPost Company has presence in 7 countries and has a current customer base of more than 7,000 users across hundreds of SMEs worldwide.
As Philippine businesses are forced to adopt digital solutions caused by the pandemic, NOW saw the need to provide the market an easy-to-use and budget-friendly platform in partnership with WallPost Company. Philippine business owners are found to spend too much time manually executing administrative tasks and not enough time on data analysis, customer creation and retention which is vital for a business to survive. NOW’s end-to-end ERP solution dubbed as “NOW EazyBiz”, powered by WallPost, eliminates the need for business owners to manually manage their data and operations and enables them to focus more on their business goals. NOW EazyBiz is especially beneficial for business owners that manage multiple branches and consider accurate data and reports crucial to their decision-making. On the other hand, businesses with teams as small as 10 employees can also benefit greatly from using the ERP solution.
“This new service that we are offering to the Philippine SME market bolsters NOW’s positioning to provide high-value, high-impact technology services. The pandemic has forced businesses to digitally transform themselves in order to stay in the game by improving and automating internal processes that would result to improved operational efficiencies and superb customer experience,” says Henry Andrews Abes, President & CEO of NOW Corporation.
NOW EazyBiz has various functions that allows PH business owners to manage their operations remotely and make data-driven decisions. The software includes everything a business needs to automate their business processes including accounting and finance, project management, CRM, HR/payroll/benefits administration, inventory tracking, and purchasing controls. All available modules are fully customizable to the needs of any type of business. Some of the specialized modules are suited for restaurants, retail, manufacturing and construction companies. NOW EazyBiz’s comprehensive reporting capabilities unifies data from different departments which provides business owners accurate and real-time information on their company‘s financial and operational status.
“We are now living in a new normal whereby businesses are forced to migrate from doing things manually which often results to data and asset pilferage, slow client response, and ineffective management. NOW EazyBiz empowers business owners to monitor the performance of their companies covering every critical facet of the value chain process from HR, CRM, Sales, Finance & Accounting, to asset inventory and tracking plus many more customizable modules. Business owners and their employees will be fully equipped with business analytics and information to make the necessary decisions on how they can elevate their business operations against competition,” Abes added.
WallPost Company CEO, Andrew Doxsey and NOW Corporation President & COO, Henry B. Abes
“Together with NOW Corporation, we will help small businesses in the Philippines capture a holistic picture of their business and empower our joint customers to better access digital technologies, giving them a greater control over their data,” says WallPost CEO Andrew Doxsey.
“Philippines is a critical market for WallPost, and we see great potential for digital transformation. This partnership with Now Corporation, we believe will fundamentally rewire how small businesses operate, and further ignite growth of the digital economy in the Philippines,” added Doxsey.
NOW EazyBiz by WallPost Software is hosted by Amazon Web Hosting which ensures high-level security from possible online threats and keeps data fully secured.
Business owners can explore the NOW EazyBiz software solution for free for 30 days at www.noweazybiz.ph.
As the corporate markets experience pressure to operate nationwide, their rapid digital transformation, which is ironically brought about by the pandemic, has opened new opportunities for unprecedented revenue growth. Their key infrastructure requisite is a seamless and uninterrupted broadband service connectivity with discriminatory quality of service. NOW’s corporate broadband connectivity which proved successful in Metro Manila and certain areas in Calabarzon paves the way for its expansion in key cities nationwide.
“If a company’s profile operates like our current corporate clients that demand strict service level agreements (SLA), then that company fits our target potential. NOW aims to be their primary or secondary broadband provider,” says Mr. Henry Andrews B. Abes, newly appointed NOW President and CEO.
NOW Corporation, in partnership with NOW Telecom Company, Inc., has announced that its gigabit broadband service will be made available in key cities nationwide.
This growth strategy that the Company will pursue is guided after several economic conditions has led the Company to be bullish about the growth in sub-urban areas. First, the government’s “build, build, build” program has fuelled the growth of sub-urban economic centers. Second, the upcoming elections next year shall support the economic growth as spending will increase. Lastly, as more people get inoculated, consumer spending is also expected to improve -a welcome boon to the corporate sector.
“All these economic factors shall spur the demand of gigabit broadband services especially in key cities outside of Metro Manila. Our strategy is to first go after the corporate, enterprise, and government market segments. This market segment is more discriminatory when it comes to their broadband connection and being able to serve this market segment shall allow NOW to cement its presence in economic growth areas. We will expand where the growth is,” says Mr. Abes.
Mr. Abes added, “we have been providing broadband connectivity to critical industries such as banking, healthcare, government, industrial economic zones, and even to logistics. All these industries rely on broadband connectivity in order to continue their services during this time of pandemic. Through our partnership with our telecom affiliate, NOW Telecom, we aim to deliver this ‘gigabit broadband revolution’ nationwide especially at this time when broadband is needed the most.”
NOW has made a mark in the delivery of Internet access to corporate and enterprise segment in Metro Manila through its Fixed Wireless Access (FWA) dubbed as “NOW Fiber Air”. It provides always-on access to the Internet to speeds of up to 2.4Gbps and mainly catering to the enterprise segment including hospitals, banking, schools, hotels, government agencies, and SMEs. NOW also offers residential broadband services for people living across Metro Manila who live inside apartment complexes or condominiums with limited wireless coverage.
For its part, NOW Telecom can solidify its entry into the market as it can be recalled that the government has renewed its legislative franchise for another 25 years to build and to operate a telecommunications network nationwide.
“NOW Telecom has the technology of providing over Gigabit speed of capacity to corporate clients. These technologies can either be the use of fiber optic, fixed wireless, or even satellite and 5G, we will be able to serve corporate and government clients needing this gigabit service nationwide. Once we know the need, we can design a complete and integrated solution,” says Engr. Rene L. Rosales, NOW Telecom’s President and COO. Engr. Rosales added that NOW Telecom possesses the most competitive franchise to operate a nationwide wired, wireless, satellite and cellular mobile telecom services networks, among others.
Publicly listed telecom, media, and tech firm Now Corporation has increased its stake in affiliate, Now Telecom Company Inc., (NTCI), to prepare for the global post-pandemic turnaround.
State regulators extended NTCI’s franchise for another 25 years beginning 2018 and renewed its mobile cellular licenses from 19 percent to 24.23 percent.
Now Corp is moving forward with the corporate restructuring of NTCI to take it to the next level, Mel Velasco Velarde, recently elected Now Corp. chairman, today (July 5) disclosed.
All these years, their telecom affiliate has succeeded based on its competitive strategy focusing on addressable and profitable target customers, he noted.
“Think of Now Corp. as the licensed value-added service provider of TMT products, but think of Now Telecom when it comes to CMTS. We speak for Now Corp. owners that we must play a bigger part of the game plan,” Velarde stressed.
Now was the first to introduce pre-5G broadband speed of up to two Gbps direct to its enterprise clients.
Next, the telco extended the service to the residential and consumer markets through fixed wireless access and mobile cellular devices.
“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.
Shareholders ratified Now Corp.’s subscription to one million primary common shares of NTCI during Now Corp.’s recent stockholders’ meeting.
NTCI shares will be issued out of the proposed increase in the latter’s authorized capital stock at a price of P600 per share using the parent’s existing advances amounting to P130.5 million plus deposits of P469.5 million for a total consideration of P600 million.
NTCI previously appointed Unicapital Inc. as financial advisor to undertake its corporate restructuring and be its exclusive issue manager and financial advisor for a planned listing.
Todate, the telco is setting the stage for its own public listing as well as its fifth generation (5G) network rollout after the government extended its license to operate a cellular mobile telecommunications system (CMTS).
Stockholders likewise approved an amendment in Now Corp.’s articles of incorporation for a P356 million increase in its authorized capital.
Furthermore, they ratified the subscription of existing shareholder Velarde Inc. to 102 million common shares of Now Corp. at P2.25 per share, together with 60 million preferred shares to be listed in the Philippine Stock Exchange.
Now Corp.’s stockholders also approved a top up placement through a placing and subscription transaction of 160 million common shares to raise P800 million for the firm’s expansion projects.
At a special meeting last July 1, the Now Corp.’s board of directors approved the offer of shareholder Velarde Inc. to convert its advances amounting to P221 million into equity at a conversion price of P2.38 per share, as well as the listing of an additional 92.8 million common shares resulting from the conversion.
By: Emmie V. Abadilla
Source: MANILA BULLETIN
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.
Source: News ABS-CBN
Now Corp., a company owned by businessman Mel Velarde, raised its stake in a telecom affiliate as the latter plans to list at the local bourse by way of introduction.
The publicly-listed telecommunications, media and technology firm increased its stake in Now Telecom Company Inc. from 19 percent to 24.23 percent. NTCI’s franchise was extended for another 25 years beginning 2018 while its mobile cellular licenses were renewed.
Recently-elected Now Corp. chairman Mel Velarde said the company was moving forward with the corporate restructuring of NTCI to take it to the next level.
“Think of Now Corp. as the licensed value-added service provider of TMT [telecommunications, media, and technology] products, but think of Now Telecom when it comes to CMTS [cellular mobile telephone system]. We speak for Now Corp. owners that we must play a bigger part of the game plan,” he said.
Velarde said Now was the first to introduce pre-5G broadband speed of up to 2 gigabits per second to enterprise clients. He said the next move is to extend the service to the residential and consumer markets through fixed wireless access and mobile cellular devices.
“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 said.
The shareholders ratified Now Corp.’s subscription to 1 million primary common shares of NTCI to be issued out of the proposed increase in the latter’s authorized capital stock at a price of P600 per share, using the parent’s existing advances amounting to P130.5 million plus deposits of P469.5 million for a total consideration of P600 million.
NTCI appointed Unicapital Inc. as financial advisor to undertake its corporate restructuring and exclusive issue manager and financial advisor for a planned listing by way of introduction in the stock exchange.
“The telecom firm is currently setting the stage for its own public listing as well as its 5G or fifth generation network rollout, bolstered by the extension of its provisional authority to operate a cellular mobile telecommunications system,” Now said.
By: Darwin G. Amojelar
Source: MANILA STANDARD