Businessman Mel Velarde’s Now Corp. is raising its stake in telco license holder Now Telecom Co. Inc. in a potential backdoor listing move.
Now Corp., which provides broadband and information technology services, said in a stock exchange filing on Friday its board approved the increase of its Now Telecom stake to 24.23 percent from 19 percent through a series of transactions valued at P1.2 billion.
The Philippine Stock Exchange (PSE) said the deal would fall under its rules covering substantial acquisitions and reverse takeovers, also known as backdoor listing.
The bourse has suspended trading of Now Corp. until the company could provide a more comprehensive disclosure on the tr…
Keep on reading: Now Corp. increases stake in telco unit, gets trading suspended