Globe Telecom Inc. has raised from a stock rights offering (SRO) P17 billion to be spent on network expansion and debt repayment.
In a disclosure at the stock exchange, Globe said based on the results of the SRO from October 3 to 7, a total of 10.12 million common shares were sold at an offer price of P1,689 per entitlement right.
The company’s offer was fully subscribed.
Globe said the subscription to, and issuance of, the rights shares will become complete only upon listing of the rights shares on October 28.
This is the first time Globe had a rights offer in the capital market in over two decades.
Meanwhile, Globe said it received “A” rating anew this year from the international investment research firm MSCI ESG reflecting its strong commitment to operationalize sustainability across its business guided by global environmental, sustainability and governance standards.
