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MANILA, Philippines — Mel Velarde’s Now Corp. will raise as much as $40 million to bankroll the construction of infrastructure for government and military use.
In a disclosure to the Philippine Stock Exchange, Now Corp. said it would acquire new debt and raise between $10 million and $40 million from a public offering.
The infrastructure will allow Now Corp.’s clients to connect to safe and secure private networks that are compliant with international standards.
Now Corp.’s affiliate, Now Telecom Co. Inc., is responsible for designing the infrastructure, and upon completion, it will assume operational responsibilities.
Now Telecom will collaborate with partners from America, Europe, and the Indo-Pacific region to manage these assets.
Last October, Now Telecom secured approval from the National Telecommunications Commission to renew its radio license to operate in the 800 megahertz band.
Now Telecom said that the license renewal for its 800 MHz frequencies would contribute in scaling up the capacity and security of connectivity in the Philippines.
Apart from this, Now Telecom announced that it is working with the local and US military in developing critical infrastructure needed to advance public safety.
Now Telecom is advancing in its efforts to establish a significant presence in the Philippines’ connectivity landscape. The company secured a $2.15 million grant from the US Trade and Development Agency (USTDA) to conduct a feasibility study.
The study will lay the foundation for the nationwide development of a 5G network. Now Telecom is being assisted by Bell Labs Consulting, represented by Nokia of America Corp., in fulfilling its commitments with USTDA.
In 2019, Now Telecom announced its foray into the 5G market. However, the company faced various sanctions for falsely asserting itself as the fourth player in the telecommunications industry, misleading investors.
Now Telecom plans to invest a total of P7.8 billion over the next 10 years to upgrade its infrastructure network and keep up with connectivity rivals.
The US Trade and Development Agency early this year released a grant of $2.15 million to Now Telecom to bankroll the conduct of a feasibility study for the development of a 5G network for nationwide use.
FROM: PHILSTAR.COM
Another new telco coming up? This is good news.
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