Now Telecom

From Wikipedia, the free encyclopedia

Now Telecom Company, Inc.
(NOW Telecom)
TypePrivate
IndustryTelecommunications
Predecessor
  • Satellite Paging Systems Philippines (1992–c.2000s)
  • Next Mobile Incorporated (c.2000s)
  • Infocom Communications Network (c.2000s–2013)
Founded26 March 1992; 29 years ago (1992-03-26)
HeadquartersNOWPlanet.tv Bldg., España Blvd., Sampaloc,
Manila, Metro Manila
,
Philippines
Key people
  • Mel Velarde (Chairman)
  • Engr. Rene L. Rosales (President)
Services
Owner
Websitewww.now-telecom.com

Now Telecom Company, Inc. (stylized as NOW Telecom) is a telecommunications firm based in the Philippines. The company provides broadband and fiber-optic communication services to upper-class residential and commercial areas in Metro Manila under the Now Fiber Air brand. The firm, along with Now Corporation (Now Corp) and News and Entertainment Network Corporation (NEWSNET), formed the unified Now Network service.

History[]

Now Telecom was founded on March 26, 1992 as Satellite Paging Systems Philippines when the congress granted a franchise to operate radio paging.[2][3] Its franchise was later amended on March 1, 1995.[4] The company began operating as Next Mobile Incorporated (NMI/Next Mobile), and since then, has under the ownership of the Velarde Group headed by former Sky Cable's executive Mel Velarde.

In 2005, a partial stake in NMI was acquired by Cashrounds, which Velarde took over the ownership of the company's shareholding stake.[5] The following year, Cashrounds changed its corporate name to Information Capital Technology Ventures, Inc. (ICTV).[6][7] NMI received a provisional authority license to operate cellular mobile telephony services (CMTS), but had never obtained any cellular frequencies.[8]

In 2013, ICTV was officially renamed as Now Corporation (Now Corp). Infocom would later adapted the parent firm's operations under the Now Telecom brand, replacing Next Mobile.[9]

In 2018, Now Telecom's parent Now Corp decided not to submit the bid for the country's third telecommunications provider,[10] but the congressional franchise of the firm was renewed on the same year.[1][11]

In 2019, Now Corp inked a joint partnership with South Korean telecommunications firm SK Telecom for the rollout of Now Telecom's 5G broadband services and becoming the fourth major telecommunications player in the Philippines.[12][13][14]

On September 21, 2020, the National Telecommunications Commission (NTC) granted Now Telecom a provisional authority to operate as the fourth major telecommunications provider in the Philippines.[15][16][17] In October 2020, Now Telecom yet to be considered become as the fourth telco.[18]

On October 2, 2020, NOW Corporation inked a joint partnership with Viettel.[19] On December 1, 2020, NOW Corporation inked a joint the partnership with Finnish multinational telecommunication Nokia for the rollout of Now telecom's 5G broadband services.[20][21]

In February 2021, the Philippine Stock Exchange (PSE) penalized Now Corporation for misleading the public investors for labeling their own communications arm as a major player with the PSE added that Now Telecom had no "sufficient basis" when it declared itself as a fourth major player.[22] Now Telecom maintains the claim that they are indeed a 4th major telecommunications player.[23]

Ownership[]

Now Corporation owns the majority stake at 30% in Now Telecom.[1]

References[]

  1. ^ a b c "NOW Telecom offers 11% more shareholdings to affiliate company". GMA News. June 3, 2019.
  2. ^ "Republic Act No. 7301". March 26, 1992.
  3. ^ "NOW Telecom regains license as telco player in PH". CNN Philippines. September 9, 2019. Retrieved October 21, 2021.
  4. ^ "Republic Act No. 7940". March 1995.
  5. ^ "Next Mobile shareholder acquires two-thirds stake in publicly-listed Cashrounds". The Philippine Star. March 22, 2005.
  6. ^ "Cashrounds changes name, hikes capital stock to P1.3B". The Philippine Star. September 23, 2006.
  7. ^ "ICTV plans transfer to the PSE's Second Board". GMA News. December 4, 2008.
  8. ^ Amolejar, Darwin (August 10, 2016). "Now Telecom wants to challenge PLDT, Globe". Manila Standard.
  9. ^ "Now poised to revitalize operations". Philippine Daily Inquirer. January 24, 2015.
  10. ^ "NOW Corp holds off on third telco bid". ABS-CBN News. November 7, 2018. Retrieved November 12, 2018.
  11. ^ Camus, Miguel (February 23, 2018). "Now Telecom gets franchise extension until 2043". Philippine Daily Inquirer.
  12. ^ "Now partners with leading Korean telco SK Telecom for 5G pivot". Manila Bulletin. October 30, 2019.
  13. ^ "Now Corp teams up with Seoul's SK Telecom for rollout of 5G tech". Business Mirror. October 29, 2019.
  14. ^ "NOW Telecom regains license as telco player in PH". CNN Philippines. September 9, 2019.
  15. ^ Gonzales, Catherine (September 21, 2020). "NOW Telecom gets provisional extension to operate as '4th telco'". Philippine Daily Inquirer.
  16. ^ "NOW Telecom gets provisional authority extension". YugaTech. September 21, 2020.
  17. ^ "NOW Telecom eyes public listing, 5G rollout as NTC grants provisional authority to '4th telco'". ABS-CBN News. September 21, 2020.
  18. ^ Gonzales, Catherine (October 6, 2020). "NOW Telecom not yet PH's fourth telco — DICT". Philippine Daily Inquirer. Retrieved October 21, 2021.
  19. ^ "NOW Corp taps Vietnam's Viettel for ICT products, services in PH". ABS-CBN News. October 2, 2020. Retrieved November 7, 2021.
  20. ^ "NOW inks 5G rollout deal with Nokia". ABS-CBN News. December 2, 2020. Retrieved December 2, 2020.
  21. ^ "NOW Group and Nokia Sign 5G MOU for Philippine Market". Now Corporation. December 1, 2020. Retrieved December 2, 2020.
  22. ^ "PSE penalizes Now for labeling itself '4th telco player'". BusinessMirror. February 18, 2021. Retrieved June 20, 2021.
  23. ^ Esmael, Lisbet K. (September 23, 2020). "NOW Telecom insists it's 4th telco". The Manila Times. Retrieved June 20, 2021.

External links[]

Retrieved from ""