GLOBE Telecom Inc. has generated about P89 billion in total proceeds from its tower sale and leaseback initiative which began in 2022, the company said on Thursday.
In a disclosure to the Philippine Stock Exchange (PSE), Globe said it has so far turned over 6,945 towers under its sale and leaseback portfolio. Of the total, 2,410 towers were transferred in 2022, followed by 2,057 in 2023 and 2,205 in 2024.
“The transaction will result in the availability of funds for Globe to support future capital expenditures, debt repayments, and debt avoidance with the expectation to improve the balance sheet health of the company,” Globe said.
It said for this year, 273 towers have been closed, generating approximately P3.5 billion in proceeds. On July 31, Globe closed two major transactions: the sale of 12 ground-based towers in Luzon to MIESCOR Infrastructure Development Corp. (MIDC) for about P144 million, and the sale of 84 towers in Visayas and Mindanao to Phil-Tower Consortium, Inc. (PhilTower) for about P1.2 billion.
Globe President and CEO Carl Raymond Cruz said progressing toward the completion of the tower sale and leaseback program “signals Globe’s bold steps toward future-ready growth” and “enables us to intensify efforts toward delivering reliable connectivity to millions of Filipinos.”
“This transfer enhances our flexibility to manage liabilities, allocate capital more effectively, and support investments in essential infrastructure and digital platforms,” Carlo Puno, Globe chief finance officer, treasurer, and chief risk officer, said.
In 2022, Globe sold a total of 7,506 towers to various independent tower companies. Of the total, 561 remaining towers are set to be turned over to complete the transaction, Globe said.
Globe’s capital expenditure (capex) this year is expected to be under $1 billion, in line with its goal of generating positive free cash flow and reinforcing its commitment to financial discipline and long-term sustainability, the company added.
