LISTED media conglomerate Now Corp. has increased its authorized capital stock to P2.12 billon, slightly lower than originally planned, to bankroll the firm’s expansion plans.
The company hiked its authorized capitalization from P1.32 billion by P800 million to finance “various company projects aimed at expanding existing businesses and creating new ones.”
“The increase in authorized capital will provide the company with funding to further strengthen its business,” Now Corp. said.
Shareholders also approved the conversion of advances, worth P200 million, made by Velarde Inc. into equity, as well as the listing of additional shares from the increase in authorized capital stock.
The hike in capital stock was a bit lower than the P2.7-billion target.
“Upon further study and discussion, a lower amount was recommended and approved by the board during a special meeting on January 22,” Now Corp. said.
For the quarter ended on September 30, Now Corp. posted gross revenues of P26.7 million compared to P20.02 million in the same quarter last year. It was also able to significantly reduce its losses from P20.2 million in the third quarter of 2013 to only P1.3 million in 2014.
In the first nine months of 2014, gross revenues went down to P59.4 million from P63.2 million in the same period last year. Its net loss dropped from P42.09 million to P19.27 million.
Formerly known as Information Capital Technology Ventures Inc., Now Corp. is engaged in the business of telecommunications, media and technology.