By Iris Gonzales (The Philippine Star)

MANILA, Philippines –  NOW Corp. has filed an application with the Securities and Exchange Commission for the issuance of P1.5 billion worth of preferred shares.

The securities are redeemable convertible, non-participating, cumulative and non-voting peso-denominated preferred shares.

Net proceeds from the issue will be used by the company to support the expansion of its “Fiber-in-the-Air” broadband internet service, for research and development, capital expenditures and other general corporate purposes.

The company has tapped Philippine Commercial Capital Inc. and SB Capital Investment Corp. as joint issue managers, lead underwriters and bookrunners for the transaction.

According to its profile, NOW is engaged in software systems and services, information technology manpower and resource augmentation, and in partnership with duly enfranchised telecom and cable TV companies, broadband and wireless cable TV services.

NOW is headed by its chairman, Thomas Aquino, former senior undersecretary of the Department of Trade and Industry and a senior fellow at the Center for Research and Communication, and its president and CEO, Mel Velarde, who has more than 20 years of experience in the technology, media and telecommunications sector.