Globe Telecom Inc. yesterday has raised around P30 billion from its tower sale this year, the proceeds of which will be used for debt payment and capital expenditure (capex) to support its network expansion.
In a statement, Globe said it has received P1.9 billion for the second closing of 159 towers to be transferred to MIESCOR Infrastructure Development Corp. (MIDC).
“This marks our last closing for year 2022 and as we prepare to complete the rest next year, we are pleased to see that this milestone transaction has been progressing as scheduled and has already raised nearly P30 billion. Monetizing our tower assets is very timely because it has allowed us to keep our balance sheet healthy amid a rising interest rate environment,” said Rizza Maniego-Eala, Globe chief finance officer.
With this latest closing, a total of 860 out of 2,180 towers have been successfully turned over to MIDC. These assets are composed of 120 ground-based towers and 39 rooftop towers.
Cumulatively, Globe has completed 34 percent of the sale, or a total of 2,410 towers out of 7,059 have been transferred to the tower companies.
Subsequent closings will happen as and when closing conditions are met, but Globe expects the final closing for all the three portfolios to happen within the next year.
